The Board Has Approved The Acquisition OF Entire Share Capital

Meeting of the board of directors of future retail limited was held on 5^th October 2017 and the board inter alia considered and approved the acquisition of entire equity share capital of M/S Hypercity Retail limited from its existing share holders for part cash and part share consideration aggregating upto Rs 665 crore and also approved the execution of a Term sheet in this connection.

In connection with above and in order to discharge part of the consideration for the above proposed transaction the board of directors has also approved to issue and allot in aggregate and upto 93,10,987 equity shares of Rs 2/-each fully paid up , collectively to the sellers at a premium of Rs 535/- per equity share on preferential basis in compliance with SEBI., 2009 aggregating to Rs 500crore and discharge part of the consideration by way of cash upto an amount of Rs 155 crore. The relevant date for the pricing of above issue of shares is 4^th October, 2017. Consequent to acquisition of entire share capital, HRIL will become wholly owned subsidiary of the company.

The board has also approved the proposed transaction and the above returned preferential allotment subject to the execution of definitive agreement and further subject to receipt of approval of a shareholders and applicable regulatory approvals.