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Future Group Deal: Another company will come out from the hands of Future Group, will sell 18.58 percent stake

New DelhiAnother company is about to come out of the hands of the debt-ridden Future Group. Future Group on Friday said that it will acquire Amar Chitra Katha Pvt Ltd. (ACKPL) is selling its 18.58 percent stake. With this, Amar Chitra Katha will no longer be a subsidiary company of Future Group. Amar Chitra Katha is a well-known company in the country that publishes comics.

Know how much shares will be sold
Future Group said in the information given to the stock market that more than 18 percent stake in Amar Chitra Katha will be sold for Rs 13.62 crore. The group said that last Thursday it had entered into agreements with Ramnaidu Daggubati and Spirit Media in this regard. Under this, the company will sell 18.58 percent of the total paid-up share capital. The deal is worth Rs 13.62 crore.

Which company of Future Group is selling shares
Future Consumer Limited, a Future Group company, is selling its stake under this agreement. SKPL will cease to be a subsidiary of the Company after the sale of this stake.

Before this, Future Generali has also gone out of hand.
Earlier it was reported that Future Group has sold its 25 per cent stake in Future Generali India Insurance Company Limited (FGIICL). Future Enterprises Limited (FEL) has sold this stake in FGIICL to its partner Generali for Rs 1,266.07 crore. After the completion of this transaction, FEL’s stake in the company, directly and indirectly, will be reduced to only 24.91 per cent.

Retail kings are in heavy debt
Kishore Biyani, who is called the retail king, has a huge debt on the company FEL. Last month, it defaulted on loan repayment of Rs 2,911.51 crore. The company has a total short term and long term debt of Rs 6,778.29 crore. Future Group operates Big Bazaar and retail chains like Easyday and Heritage.

Debt on Future Group
Biyani’s Future Group is deeply in debt. Biyani made a deal with Reliance Industries in 2020 to sell his retail business. But America’s giant e-commerce company Amazon had raised objections to this. The legal battle between Future and Amazon has been going on since then. Recently, Reliance canceled the deal with Future as it was not approved by the bankers.

Captured more than 900 stores
Earlier, Reliance had captured more than 900 Big Bazaar stores. This has resulted in a significant drop in futures cash flow. He doesn’t have enough goods or money to operate the rest of the stores, pay employees or vendors. Banks led by Bank of India have decided to drag Future Retail to the National Company Law Tribunal (NCLT) to recover their dues. This can add to the difficulties of the company.

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