On Monday morning, trade on the Bombay Stock Exchange (BSE) rose to 20 per cent after RIL called off a deal to buy Future Retail as a lender to a retail company.
These are the companies that trade all-time low Future Supply Chain Solutions (down 20 per cent at Rs 37.30) and Future Lifestyle Fashions (down 20 per cent at Rs 29.40).
Future Market Networks too slipped 20 per cent to Rs 6.60 in intra-day, quoted close to its record low of Rs 6.28 hit on November 5, 2013. Future Consumer tanked 20 per cent to Rs 3.90 on the BSE. Future Retail (FRL) was locked in the 5 per cent lower circuit at Rs 27.80. The stock hit a record low of Rs 27.65 on March 23, 2022. In comparison, the S&P BSE Sensex was down 0.68 per cent at 56,808.
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In a regulatory filing, Reliance said Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme had intimated the voting results on the scheme of arrangement by their shareholders and creditors at their respective meetings.
“… The secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented,” said RIL, while updating on the scheme of arrangement for the transfer of retail and wholesale business and the logistics and warehousing business of Future Group to its subsidiary Reliance Retail Ventures Ltd (RRVL) and Reliance Retail and Fashion Lifestyle Ltd (RRFLL).
Though the shareholders and unsecured creditors of FRL have voted in favour of the scheme, it added.
