Future Ventures public issue opens on April 25

Our Bureau Mumbai | Updated on April 19, 2011 Published on April 19, 2011

Mr Kishore Biyani (right), Managing Director, Pantaloon Retail (India) Ltd and Mr Vallabh Bhanshali, Chairman, Enam Securities — Shashi Ashiwal   -  Business Line

The initial public offering of Future Ventures, which plans to raise Rs 750 crore, will be open on April 25 and close on April 27 for institutional invesors and on April 28 for retail investors. The company fixed the IPO price band at Rs 10-11.

The net proceeds of the IPO will be used for expanding the business by investing in or acquiring new business ventures as well as for meeting general corporate expenses.

Enam Securities, JM Financial and Kotak Mahindra Capital are the book-running lead managers to the issue

Future Ventures has invested in various business ventures including FMCG, food processing, rural distribution, fashion and food processing companies. The companyalso plans to set-up a food park in Karnataka which will be fully functional in the next 12-18 months.

A food park is essentially a food processing facility to be set-up by the company. The company plans to set-up two more food parks, in Gujarat and Bihar. However, this is still in the early stages as the company is awaiting the requisite approvals from the government.

The investment for the food park in Gujarat requires Rs 140 crore, of which, Rs 50 crore would be financed by Government grants and the rest via a mix of debt and equity, said Mr Kishor Biyani, CEO, Future Group.

Published on April 19, 2011
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