Future Retail is indeed having a roller coaster ride today. It opened higher at Rs.420 from yesterday’s close of Rs.413.45 and went on to hit an intraday high at Rs.424.30. But it is now in the red, going down to Rs.380.60, which is not too far from its 52-week low of Rs.375.

Amazon has agreed to make an equity investment in Future Coupons for acquiring a 49% stake comprising both, voting and non-voting shares, with an option to acquire the entire stake in the future.

Future Coupons  recently subscribed to convertible warrants for Rs 2,000 crore  and that will give it a 7.3% stake in Future Retail next year.

Amazon has a ‘call’ option to buy the entire holding in Future Coupons between 2022 and 2029, it said. At the same time, Biyani has agreed to certain binding agreements over the sale of the 51% stake in Future Coupons, where it can’t be sold to some specified but undisclosed buyers. Amazon has the first right of refusal on this remaining stake.

The deal value remains a secret but the 3.5% beneficial interest which Amazon will get in Future Retail us worth around Rs.750 crore today.