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Future Retail denies reports of re-negotiation of loan terms with lenders

Published: July 20, 2020

Future Retail has clarified to the BSE that it is not in discussion with any of its lenders to re-negotiate lending terms except seeking moratorium as per the terms of the RBI circular. ET on Friday reported that Reliance Industries NSE 0.04 % was mulling a share-swap deal with Future Group, and is also in talks with banks for a 30% haircut on outstanding loans.

“The company has not authorised any other party to carry out any such negotiation and accordingly there would not be any locus standi of any third party to approach lenders of the company for any such discussion,” Future Retail said in the stock exchange notice.

Future Retail, which runs more than 1,388 stores, including the Big Bazaar and Nilgiris chains, has been in talks with Reliance Retail, Amazon and Samara Capital for a stake sale. “The management of the company continues to explore and evaluate various opportunities or associations in the interest of the company, which when finally confirmed by the respective boards, would be subject to requisite consents in accordance with applicable laws and other stakeholders,” Future Retail added in the notice.



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