- Prominent Media Company Bennett Coleman & Co Ltd picked up shares worth over Rs. 241 crore in Future Retail through open market transactions.
- The shares were purchased on an average price of Rs. 406 which amounts to a total of Rs. 241.18 crore. These shares were sold by Snehlata Rajesh Nuwal, Punyah Business Ventures Pvt Ltd, and Varanium India Opportunity Ltd.
Prominent Media Company Bennett Coleman & Co Ltd picked up shares worth over Rs. 241 crore in Future Retail through open market transactions. As per the data available with the Bombay Stock Exchange (BSE), Bennett Coleman & Co bought a total of over 59.40 lakh shares or 1.18 percent stake in the retail chain.
The shares were purchased on an average price of Rs. 406 which amounts to a total of Rs. 241.18 crore. These shares were sold by Snehlata Rajesh Nuwal, Punyah Business Ventures Pvt Ltd, and Varanium India Opportunity Ltd. As per the shareholding data available with Bombay Stock Exchange for the quarter that ended on June 2019, Bennett Coleman is a public shareholder and held 4.60 percent stake in the company.
Apart from this, Brand Equity Treaties Ltd. which is an entity under Brand Capital owned by Bennett Coleman & Co. holds a 2.68 percent stake in Future Retail during the quarter under review.
The closure of Thursday’s market saw shares of Future retail ending at Rs. 406.10 apiece rising by 0.41 percent over the last close.
This development came weeks after the announcement of the Future Retail and Amazon Deal, where the investment arm of the U.S.-based retailing giant, Amazon.com NV Investment Holdings will buy a 49 percent stake which includes both non-voting and voting shares in Future Coupons Ltd., one of the promoter group of Future Retail.
Future Group has control over a third of India’s organized food and grocery market through its chain of Big Bazaar and Nilgiri Supermarket chains. Physical stores account for more than 90 percent of all retail sales in India. The early online retail models focussed on smartphones and apparel as quick wins now the attention is moving to grocery which has the highest frequency across categories and huge potential for private labels.
The US-based retailing giant purchased 49 percent stake in Future Coupons, one of the promoter group companies of Future Retail, the firm said in a stock market filing on Thursday. Amazon can exercise its option to buy the promoters shareholding in Future Retail between the third and 10th years.
With so many investors coming and investing in Future retail, the group looks to expand its business and aims at a brighter future.