Future Retail, promoted by Kishore Biyani, plans to raise Rs 2,000 crore to reduce its debt and use the funding for its growth. The company intends to issue shares to investors and promoters to raise the money, according to a leading daily.
Almost Rs 400 crore will be raised by issuing shares and warrants to investors and promoters and Rs 1,600 crore through shares issued on rights basis, the paper reported.
Future Retail earned revenues of Rs 2,295.5 crore in the quarter ended March. The retail company has had several stake sales to reduce the debt currently standing at Rs 5,500 crore.
Its fashion apparel and accessories arm Future Lifestyle Fashions recently raised Rs 125 crore from PremjiInvest.