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BRIEF-Future Retail consolidates retail business of Heritage Foods
November 7, 2016 / 11:28 AM / 10 months ago

BRIEF-Future Retail consolidates retail business of Heritage Foods

Nov 7 (Reuters) - Future Retail Ltd

* Says Future Retail consolidates retail business of Heritage Foods

* Says FRL will issue about 17.8 million equity shares of two rupees each to shareholders of HFRL

* Says scheme of arrangement will involve slump sales of retail business and veterinary care business of HFL into HFRL

* Says scheme to also involve demerger of retail business from HFRL into FRL

* Says if sales proceeds are between 4-5 billion rupees; sharing amount between cos will be 50 percent of proceeds above 4 billion rupees

* On closure of deal, heritage foods will own 3.65 percent of shareholding in Future Retail via fresh issue of shares by co

* Says if sales proceeds are above 5 billion rupees, sharing amount between cos will be 75 percent of proceeds above 5 billion rupees Source text: bit.ly/2fvj8DV Further company coverage: (Bengaluru newsroom)

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