Future Retail to demerge home retail business
DSIJ Intelligence / 21 Apr 2017
Future Retail’s board has decided to consolidate its offline and online home retail businesses under a single entity called Praxis Home Retail.The share price of Future Retail increased 0.69 per cent in early trade, and is trading at Rs 308 on an intraday basis.
Future Retail’s board has decided to consolidate its offline and online home retail businesses under a single entity called Praxis Home Retail. The home retail business operated through its HomeTown stores and the e-commerce home retail business operated by Blue eServices will be demerged into Praxis Home Retail.
Future Retail had acquired Rocket Internet-backed online furniture and home furnishings store FabFurnish.com in an all cash deal in April 2016.
Demerger of Future Retail’s business will result in the company focusing on large format and small format pure retail businesses. The company banks on greater visibility on the performance of home retail business and e-commerce home retail business.
Praxis Home Retail will issue one share to Future Retail shareholders for every 20 shares and its shares will be listed on the stock exchanges.
The share price of Future Retail increased 0.69 per cent in early trade, and is trading at Rs 308 on an intraday basis.
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