Future Market Networks has executed a share purchase agreement (SPA) with IL&FS Township and Urban Assets (ITUAL) to acquire 50% equity share capital viz. 1,50,00,000 equity shares of Rs 10 each held by ITUAL in Future Retail Destination (FRDL). FRDL is set up for development of infra logistic parks across India as a special purpose vehicle company. FRDL shall become 100% subsidiary of the Company upon completion of the transaction.
The total consideration payable by the company under the SPA is Rs 14 crore. In terms of the SPA, the company has paid an amount of Rs 9 crore and the balance consideration of Rs 5 crore shall be paid on or before September 30, 2018.
Future Market Networks, formerly Agre Developers, is engaged in the business of providing retail infrastructure and infra logistics.
