New Delhi, July 31 : Future Lifestyle Fashions announced plans to raise Rs. 500 crore from the domestic or overseas market on a private placement basis to bankroll its fashion retail business growth.
The company is due to pass a special resolution at its annual general meeting scheduled for August 29 to raise the said amount by issuing non-convertible debentures.
In a regulatory filing, the company said that the funds are to be borrowed in Indian or foreign currency by issue of debt instruments for an amount of up to Rs.
500 crore in domestic or overseas market. The funds raised will remain within the overall borrowing limit of the company, it added. "Considering growth of the fashion retail business and requirements of funds for operations, the company needs to raise additional funds in one or more tranches by issuing NCDs, bonds and/or debt instruments," it added.
Future Lifestyle Fashions, a Future Group firm, will also seek shareholder consent for reappointment of Kishore Biyani as the managing director of the company.