Reliance Is About To Buy Big Bazaar, Future Group Issues Clarification As Stocks Soar
As we all are aware of the buzz going on about the possible acquisition deal between Future Group subsidiaries and Mukesh Ambani-led Reliance Industries, so the stock exchanges have sought for some clarification from both behemoths.
What Does The Future Group Say?
So far, Reliance Industries hasn’t replied on the same, on the other hand, Future Retail and Future Supply Chain Solution have clarified over the buzz.
“The Company continues to explore and evaluate various opportunities or associations in the interest of the Company, as and when considered appropriate, which is always a subject matter of further feasibility studies and the need for requisite consents in accordance to the applicable laws and other stakeholders. We are committed to make necessary disclosure in terms of Regulation 30 of the Listing Regulations of various decisions of the Board/Committees, which would be binding on the Company subject to the applicable terms and conditions of relevant agreements/arrangements,” said Future Retail to exchange,on Thursday.
“At present, there is no such decision taken by the Board of Directors or any of its Committees, which calls for dissemination of information or disclosure of events in terms of Regulation 30 of the Listing Regulations. Accordingly, we would be unable to comment upon the said News Article,” the further added.
Future Supply Chain Solutions also submitted a clarification in the same line.
The exchange has also sought clarification from Future Lifestyle Fashions, for which the reply is still awaited.
How Is RIL And Future Stock Performing?
Earlier, India’s leading stock exchange BSE and NSE has asked RIL and the three above-mentioned companies of Future Group to shed light over a news item published by the Economic Times June 30, 2020, titled “Reliance Industries nears deal to acquire retail businesses of Future Group“.
According to this news article, Ambani’s RIL and Kishore Biyani’s Future Group are nearing to sign a deal in which the former will buy the latter’s retail business.
It was reported that Biyani’s three companies namely Future Retail, Future Lifestyle Fashions and Future Supply Chain are going for the merger.
As a positive effect, the companies involved in the buzz witnessed buying sentiments on exchanges on Thursday.
Moreover, the RIL stock was trading at Rs1759.20 per piece up by 1.23% and on the other hand, the Future Lifestyle was trading at the upper price band of Rs163.45 per piece up by 5%, around 12.53 pm.
In the same fashion, the Future Retail and Future Lifestyle soared by 5% each trading at the upper price band of Rs142.10 per piece and Rs193.35 per piece respectively.