Bennett Coleman Buys Stake Worth Rs 241 Crore In Future Retail
The Times of India and Mumbai Mirror newspapers, published by Bennett Coleman & Co., are arranged for a photograph in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Bennett Coleman Buys Stake Worth Rs 241 Crore In Future Retail


Media company Bennett Coleman & Co. Ltd. on Thursday picked up shares worth over Rs 241 crore in Future Retail Ltd. through open market transactions.

The development comes weeks after the announcement of the Amazon-Future Retail deal, where NV Investment Holdings—the investment arm of the U.S.-based retailer—will buy a 49 percent stake, comprising both voting and non-voting shares, in Future Coupons Ltd., a promoter group entity of Future Retail.

According to the block deal data available with the BSE, Bennett Coleman has bought a total of over 59.40 lakh shares, or 1.18 percent stake, in Future Retail at Rs 406 apiece, pegging the valuation of the deal at Rs 241.18 crore.

These shares were sold by Varanium India Opportunity Ltd., Punyah Business Ventures Pvt. Ltd. and Snehlata Rajesh Nuwal.

According to shareholding data available with the BSE for the quarter ended June 30, 2019, Bennett Coleman is a public shareholder of Future Retail, holding 4.60 percent stake in the company.

Besides, Brand Equity Treaties Ltd., an entity under Brand Capital, held 2.68 percent stake in Future Retail during the quarter under review. Brand Capital is an arm of Bennett Coleman & Co.

On Thursday, Future Retail shares rose 0.41 percent to Rs 406.10 apiece on the BSE while the benchmark Sensex shed 0.45 percent to end the day at 37,104.28 points.

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