Future Enterprises share price hits 5% upper circuit ahead of board meeting to mull fundraising

© Provided by The Financial Express
Future Enterprises share price hits 5% upper circuit ahead of board meeting to mull fundraising

© Provided by The Financial Express
Future enterprises, future enterprises share price

Future Enterprises share price surged to hit a 5 per cent upper circuit at Rs 19.25 apiece on BSE after the company informed that its board will meet on Saturday to consider fundraising. Kishore Biyani’s Future Enterprises in a notice to stock exchanges said the meeting will evaluate proposals to raise funds by way of issuance of bonds including debentures/non-convertible debt instruments/securities and/or any other instruments/securities including through the private placement or through any other permissible mode or any combination thereof, as may be decided by the board.

Future Enterprises shares hit a 52-week low of Rs 7.55 apiece in April this year since then it has rallied 155 per cent, taking the market capitalisation of the company to Rs 951 crore. Among other Future Group companies stocks, Future Retail shares surged 8.6 per cent to Rs 127.40 apiece, Future Lifestyle Fashions shares gained 5 per cent to Rs 138.20. Similarly, Future Consumer stock price rose 5 per cent to Rs 10.94 apiece and Future Supply Chain Solutions added 2.5 per cent to Rs 152.90 apiece.

Earlier this week, Future Retail made $14 million interest payment hours ahead of its 30-day grace period deadline and averted loan default. The company made the payment of interest on 5.6 per cent senior secured USD notes due 2025. Future Retail had missed its previous deadline of July 22, 2020, to make the interest payment. In July, the company informed its proposal to make payment of the interest within 30 days from the interest due date on the USD Notes. It further added that the company is in the process of ensuring that payment of such interest is made within this additional time period

Meanwhile, headline indices were trading higher in noon deals on Thursday. BSE Sensex was trading 154 points or 0.39 per cent up at 39,227, while the broader Nifty 50 index was ruling at 11,592, up 42 points or 0.37 per cent.