Reliance Deal: Lenders Reject, Shareholders Vote In Favour

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SUMMARY

FRL secured votes of 85.9% shareholders in favour of the proposed INR 24,713 crore deal with Reliance.

78.22% of the unsecured creditors also voted in favour of the proposed deal.

However, a majority of secured creditors voted against the deal. As many as 69.29% of them vetoed the proposal

Future Retail Ltd’s (FRL) plan to sell its assets to Reliance Industries Ltd (RIL) has failed as a majority of shareholders of the debt-laden company voted against the INR 24,713 crore deal. 

In an exchange filing on Friday…



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Reliance Deal: Lenders Reject, Shareholders Vote In Favour


SUMMARY

FRL secured votes of 85.9% shareholders in favour of the proposed INR 24,713 crore deal with Reliance.

78.22% of the unsecured creditors also voted in favour of the proposed deal.

However, a majority of secured creditors voted against the deal. As many as 69.29% of them vetoed the proposal

Future Retail Ltd’s (FRL) plan to sell its assets to Reliance Industries Ltd (RIL) has failed as a majority of shareholders of the debt-laden company voted against the INR 24,713 crore deal. 

In an exchange filing on Friday…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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