Future Lifestyle Fashions (FLF) plans to raise Rs 250 crore for the Lee Cooper Brand business, in its wholly owned subsidiary. FLF plans to transfer the Lee Cooper business to a wholly owned subsidiary and raise up to Rs 250 crore through an issue of Compulsorily Convertible Preference Shares (CCPS), which will convert to a 26% stake in this entity on a fully diluted basis. With this transaction, FLF’s primary purpose is to unlock value in the Lee Cooper brand, one of FLF’s fashion brands.
FLF has already signed a term sheet with Barclays Bank PLC in India, for the proposed fund raising. The fund raising plan is subject to fulfillment of all conditions precedent and approvals required by all the parties, as customary for such a transaction, including the receipt of all regulatory approvals, if any, and the execution of final definitive transaction documents by and among the transaction parties.
Future Lifestyle Fashions is an integrated lifestyle brands and fashion retail company. The company operates a portfolio of brands that are well diversified across key growth categories like women’s wear, fast fashion and casual wear.
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