India’s Competition Commission has approved a deal to allow Future Lifestyle Fashion (FLFL) to transfer a section of its apparel marketing business. Apparel business operated under the ‘Lee Cooper’ brand will now be transferred to its indirect wholly-owned subsidiary Future Speciality Retail Ltd (FSRL), which is a wholly-owned subsidiary of FLFL.
The Competition Commission of India (CCI) said in a tweet made last week that it has approved “acquisition of shares in Future Speciality Retail by Beacon Trusteeship.” The company will issue Rs. 250 crore of compulsorily convertible preferential shares to the new fully owned arm.
Also Read – India’s Future Lifestyle Fashions hives off Lee Cooper as subsidiary
According to a leading news agency, FSRL would issue compulsorily convertible preference shares worth Rs. 250 crore to FSRL CCPS Trust. Beacon Trusteeship Ltd is the trustee of the FSRL CCPS Trust.
