Kishore Biyani’s Future Group Acquires Stakes In Koovs.com
Kishore Biyani-led Future Group’s subsidiary ‘Future Lifestyle Fashions’ is reportedly acquiring a considerable stake in the popular fashion retailer ‘Koovs’. The business magnate will take over 29.9 percent stake in the fashion firm for about Rs 140 crore.
This particular move will make Future Group the largest stakeholder in London-listed e-commerce company Koovs. According to the reports, the fashion company will first issue 57.87 million new shares that account for a 24.8% stake to Future Lifestyle Fashions at 10 pence apiece in cash, raising around $7.6 million.
In this regard, the company stated, "The board of directors of the company in its meeting held today has approved the proposal to invest an amount up to GBP 15.3 millions in one or more tranches by ...