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L Catterton to invest Rs170cr in Future Lifestyle Fashions via preferential issue

Future Lifestyle Fashions‘ (FLF) board has approved to raise Rs170cr from preferential issue of equity shares to Spectacular Investments Pte Ltd. Spectacular is wholly owned by L Catterton Asia 3 Pte. Ltd. (“L Catterton Asia”). L Catterton Asia is the Asian unit of the largest and mostly global consumer focused private equity firm in the world.

Company will be issuing 38,22,464 equity shares of face value Rs2 each of the company at a price of Rs445.50per equity share aggregating to Rs170cr. However, it is subject to the approval of the shareholders of the company. The said issue constitutes ~2% of the post issue share capital of the company.

An Extraordinary General Meeting of the company will be held on Thursday, June 14, 2018 at Mumbai for obtaining Shareholders’ approval for the proposed preferential issue of equity shares.

As on March 31, 2018, company’s consolidated net debt-to-equity stood at ~0.63. We expect that post this preferential issue, the net debt-to-equity will come down to ~0.48.

FLF operates chains like Central, Brand Factory and Planet Sports. FLF owns and markets over two dozen fashion brands through exclusive brand outlets, department stores and multi brand outlets.
Future Lifestyle Fashions Ltd ended at Rs439.95 up by Rs2.7 or 0.62% from its previous closing of Rs437.25 on the BSE.

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