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Future Market Networks has completed the acquisition of 50 per cent equity share capital of Future Retail Destination (viz. 1.5 crore equity shares of ₹10 each) held by IL&FS Township and Urban Assets.
In terms of the share purchase agreement entered into between the parties on May 31, 2017, the total consideration towards the acquisition was ₹14 crore. Consequent to the completion of acquisition, Future Retail Destination (FRDL) became a wholly-owned subsidiary of the company.
FRDL is a special purpose vehicle (SPV) formed to set up an integrated large-scale warehouse facility at Jhajjar, Haryana. Shares of Future Market Networks slipped 1.6 per cent at ₹80 on the NSE.
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