Debt

Debt financing

Future Group proposes to transfer 45% of its Rs.29,000-Cr debt to RIL

Economic Times  

Future Group has proposed that 45% of its debt will be transferred to the books of Reliance on the sale of assets. Against outstanding loans of INR 28,921 crore owed by the 19 companies involved in the deal as of January 31, 2022. Future Group has proposed to transfer INR 12,612 crore owed to lenders, and domestic and offshore bondholders to RIL. However, the lenders are reported to be jittery since they haven't yet received any assurance from the hypermarket operator on whether the offer is endorsed by the acquirer. They are to vote this week on a plan that involves the multi-stage sale of Future Group's assets to Reliance-linked entities. The lack of assurance has raised concerns among lenders over RIL acquiring Future's assets as per the terms of the August 2020 agreement.