After insured creditors – mainly banks and financial institutions – of several listed entities of Future Group rejected the sale worth Rs 24,713 crore, the transaction could not be implemented, Reliance Industries Ltd (RIL) said in a regulatory submission on Saturday. .
In August 2020, Future Group announced the transaction of Rs 24 713 crore to sell 19 companies operating in retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures Ltd (RRVL).
On Saturday, in a stock exchange filing, RIL said, the arrangement scheme for the transfer of retail and wholesale business and the logistics and warehousing business from Future Group to Reliance Retail Ventures Limited (RRVL), a subsidiary of the company and Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly owned subsidiary of RRVL, cannot be implemented.
Indeed, Reliance said, following our statement to Stock Exchanges dated August 29, 2020 on the subject, we would like to inform you that the Future Group companies consisting of Future Retail Limited (FRL) and other listed companies listed on the scheme involved, published the results. of the vote on the scheme of arrangement by their shareholders and creditors at their respective meetings.
According to these results, the shareholders and uninsured creditors of FRL voted in favor of the scheme. But the insured creditors of FRL voted against the scheme. In light of this, the subject regulation scheme cannot be implemented, RIL added.