Future Enterprises up almost 5%

Two piece of news have added momentum to the stock price of Future Enterprises. Firstly, the company yesterday considered, approved & allotted of 750, 10.25% Secured Redeemable Non-Convertible Debentures ("NCDs") of Rs. 10 lakh each, aggregating to Rs. 75.00 crore, on private placement basis.
The said NCDs are to be listed on Wholesale Debt Market Segment of BSE.

In another news, the company sold 14% stake (12.75% holding of the Company and 1.25% holding of management team) of Future Supply Chain Solutions Limited ('FSCSL”), a subsidiary of the Company, to Griffin Partners Limited. Post sale of 12.75% stake of FSCSL, the company will continue to be holding company of FSCSL and hold majority stake of 57.42% in FSCSL. Financial details of the same have not been divulged.

The market is very enthused with both these news. The stock price is up almost 5%, near its intra day high of Rs.26 and closer also to its 52-week high of Rs.28.55.