The board of Kishore Biyani-promoted Future Retail Ltd has approved the consolidation and realignment of its retail operations with Bharti Retail Ltd.
The decision was made public through a notification to the stock exchanges by Future Retail. A detailed press conference is scheduled for 3 pm.
As part of the new arrangement, Future Retail's retail undertaking will be merged into Bharti Retail, while the retail infrastructure undertaking of Bharti will be merged into Future Retail. The process will also reorganise the paid-up share capital of Bharti Retail.
At 2.33 pm, Future Retail's shares were trading 12.14 per cent higher on the BSE at ₹129.75.