As many as 49 players, including Reliance Retail, Jindal Power Ltd and Adani group, have submitted EoI for acquiring the assets of Future Retail, which is currently going through insolvency resolution process
New Delhi: Shares of Future Retail climbed nearly 5% on Monday following news that as many as 49 players, including Reliance Retail, Jindal Power Ltd and Adani group, have submitted Expression of Interest (EoI) for acquiring the assets of the debt-ridden firm.
The stock advanced 4.88% to settle at Rs 2.58 — its upper circuit limit — on the BSE.
On the NSE, it jumped 4.16% to finish at Rs 2.50 each share, also its upper circuit limit.
As many as 49 players, including Reliance Retail, Jindal Power Ltd and Adani group, have submitted EoI for acquiring the assets of Future Retail, which is currently going through insolvency resolution process.
Reliance Retail Ventures Ltd, which is the holding company for retail operations of RIL and April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group, have again submitted their EoI, after the lenders of Future Retail decided to invite fresh bids after dividing FRL’s assets into clusters.
According to an update from FRL’s Resolution Professional, the 49 players would be permitted to submit “resolution plan(s) for any/all such Clusters under Option II”.
Some of the other players who have submitted Expression of Interest include Century Copper Corp, Greentech worldwide, Harsha Vardhan Reddy, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd, Universal Associates and WHSmith Travel Ltd, among others.
On March 23, 2023 creditors of Future Retail invited new expressions of interest where prospective buyers can bid for the debt-ridden firm “as a going concern or individual cluster or a combination of clusters of its assets”, as it failed to attract a resolution plan in over four months.
