“The company has transferred its Lee Cooper business to Future Speciality Retail Limited, a wholly owned subsidiary of the company by way of a slump exchange on a going concern basis,” Future Lifestyle Fashions Ltd said in a filing to BSE.
Future Speciality Retail Ltd (FSRL) shall inter-alia carry on the Lee Cooper business, it said. “FSRL has issued and alloted 400 compulsory convertible preference shares of face value of Rs 910 each and 150 optionally convertible debentures of face value of Rs 1,00,00,000 each to the company,” it said.
There will be no change in the shareholding pattern of the company, it added.
“Lee Cooper business has been transferred in to a separate entity, which will lead to better focus, execution and faster scale up the business,” it said.