All Indians know that Future Lifestyle Fashion Ltd is the most popular and top class Fashion Company from the Future Group. It is especially for the retail business of the various fashion products in both Indian and foreign markets. This fashion company has recently made plans to raise 500 Crore rupees from the domestic or international market on the basis of private placement to fund its business growth in the fashion retail industry. The annual general meeting of this fashion firm is actually scheduled on 29th August, 2016 to increase this particular amount by giving non convertible debentures.
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The finances are being borrowed either in foreign currency or Indian rupees to issue of debt instruments for the specific amount of Rs. 500 Crore in Indian money in both local and international market. The higher officials of this Future Lifestyle Fashion Ltd Company have plans to do all of these things within a year from the date of passing this resolution in August.
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Passing resolution for raising funds:
During the annual general meeting of the company, the resolution for this new fund raise will be passed among all the important members, staffs, and higher authorities of this Future Group of Fashion company. This newly borrowed fund will also remain within the general borrowing limit of this fashion firm.
- In these modern days, the retail business of the fashion products has been growing rapidly. Thus, this leading fashion company in Mumbai, India needs to raise the extra finance to issue the debt instruments, bonds, or NCDs.
- Future Group is also seeking shareholder approval to reappoint Mr. Kishore Biyani as a MD (Managing Director) of this firm for more 3 years with the result from 25 June, 2016 with the total reward of Rs. 2.41 Crore per year.