Kishore Biyani-led Future Enterprises on Monday announced plans to raise up to Rs 900 crore through issuance of non-convertible debentures (NCDs) on private placement basis.
The company plans to raise funds to replace "few of its high cost current or near term maturity debts as well as to meet further funds requirements".
"The meeting of the board of directors of the company... considered and approved enabling resolution giving authority to issue secured redeemable non-convertible debentures on private placement basis, for a value of up to Rs 900 crore in one or more tranches," Future Enterprises said in a BSE filing.
Future Enterprises said this fundraising plan is subject to approval by the members of the company.
Shares of Future Enterprises were trading 2.15 percent lower at Rs 34.15 apiece on BSE on Monday.
In February 2019, Future Group signed a master franchise agreement to launch the first store of Japanese-owned convenience chain 7-Eleven in India.
This will mark 7-Eleven Inc, the world's largest convenience retailer with more than 67,000 stores worldwide, first entry into India. The first 7-Eleven convenience store in India is expected to open in 2019.
Kishore Biyani, Founder and Group CEO, Future Group, said at the time,
“7-Eleven is among the most iconic global brands in the food retail landscape. We are proud to bring this globally trusted convenience store to India and build new pathways together that will offer Indian customers greater convenience and choices, within their own neighbourhood.”
“This strategic relationship offers an excellent opportunity to bring 7-Eleven's brand of convenience and its iconic products to the Indian consumer," added Ken Wakabayashi, International Head, 7-Eleven.
Amazon was also earlier in talks with Future Retail to acquire a stake in the latter. But it had to put its plan on hold in the wake of the new FDI policy.