Future's retail wing merges with Bharti Retail
According to a Futue Retail notification to the stock exchanges, the company's retail undertaking will be merged into Bharti Retail while the retail infrastructure undertaking of Bharti will be merged into Future Retail.
The process will also reorganise the paid-up share capital of Bharti Retail.
The merger will be completely through swapping of shares. The valuation of the share swap is estimated at around Rs. 500 crore as per the the current market capitalisation of Future Retail.
The combined entity will have over 570 retail stores under its command in 243 cities with operational retail space of over 18.5 million square feet. It will operate 203 Big Bazaar and ‘Easyday’ hypermarkets, 197 Food Bazaar and ‘Easyday’ supermarkets, and 171 other stores comprising Home Town, eZone, FBB and Foodhall.
“Bharti Retail’s strengths and network complement that of Future Retail. It will bring us closer to millions of consumers and provide new opportunities for our supply partners. The operational efficiencies that can be derived from the merger will create significant value for our shareholders," Kishore Biyani, Founder and Group CEO, Future Group, said in a statement.
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