Future Lifestyle Fashions transfers its Lee Cooper business to Future Speciality Retail
Future Lifestyle Fashions transfers its Lee Cooper business to Future Speciality Retail

Future Lifestyle Fashions Ltd has transferred its Lee Cooper business to a fully-owned arm Future Speciality Retail Ltd.

Future Lifestyle Fashions Ltd, said, "The company has transferred its Lee Cooper business to Future Speciality Retail Limited, a wholly owned subsidiary of the company by way of a slump exchange on a going concern basis."

The company said, "Future Speciality Retail Ltd (FSRL) shall inter-alia carry on the Lee Cooper business. FSRL has issued and allotted 400 compulsory convertible preference shares of face value of Rs 910 each and 150 optionally convertible debentures of face value of Rs 1,00,00,000 each to the company."

However, there will be no change in the shareholding pattern of the company.

Future Lifestyle Fashions Ltd added, "Lee Cooper business has been transferred in to a separate entity, which will lead to better focus, execution and faster scale up the business."

 
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