FUTURE VENTURES INDIA
The issue comprises a net issue to the public of 266.08 crore equity shares, a reservation to the employees of upto 5 crore equity shares and of upto 25 crore equity shares to the shareholders of Pantaloon Retail, besides, promoters will subscribe to 77.54 crore shares. The issue would constitute 66.52 % of the post issue, paid up capital of the company.
The company proposes to list its shares on BSE and NSE. The BRLMs to the issue are JM Financial Consultants, Enam Securities, Kotak Mahindra Capital, ICICI Securities and Edelweiss Capital. The co-book running lead managers are Centrum capital, Collins Stewart Ingra and India Infoline.
The company intends to use the proceeds from the issue to invest or acquire and operate business ventures and for general corporate purposes.
The company, part of the Future Group 'Consumption-led Sectors', was incorporated in 1996 as Subhikshith Finance & Investments. Following its acquisition in 2007 by Pantaloon Futures Ventures, a subsidiary of Pantaloon Retail India, the company changed its name to Future Ventures India. Future Ventures India currently has 28.40% stake in Sankalp Retail, which owns the exclusive master franchise for India from My Dollar Store Inc., a US-based company, which it acquired for Rs 20 crores. The company will further invest Rs 30 crores in Sankalp once it achieves its targets. The company also owns a 6.5% share in women's retailer Biba International. The company's business ventures under acquisition include distribution of mobile phones and retailing in sportswear and footwear.
The Future Group promoted by Kishore Biyani focuses on consumption-led business which introduced various business concepts such as Pantaloons, Central, Big Bazaar, Food Bazaar and Home Town. The Future Group is a pioneer in establishing a nationwide chain of large format stores. Pantaloon Retail India began its operations with one store in Kolkata in1997 and has since expanded to reach approximately 400 stores in over 40 cities in India as of June 30, 2007.
For the year ended March 31, 2007, the company's incomes was Rs 5.77 lakh and a net profit of Rs 1.54 lakh as against an income of Rs 4.42 lakh and a net profit of Rs 0.94 lakh. For 6 months ended September 30, 2007, the company posted an income of Rs 1.70 lakh and net profit of Rs 0.91 lakh.