Nestle India: The FMCG major on Tuesday reported a 14.6 per cent year-on-year (YoY) growth in its net profit at Rs 602 crore for the quarter ending March 2021. It was Rs 525 crore in the year-ago period.
Future Retail, Future Enterprises: The Reserve Bank of India (RBI) mandated KV Kamath committee has approved banks proposal to restructure loans to Future Retail and Future Enterprises the two main arms of the Kishore Biyani-led group, a media report said.
Earnings Today: Cyient, Tata Elxsi and 10 other companies will release their quarterly earnings on April 22.
Voltas: Life Insurance Corporation of India acquired 46,000 equity shares or 0.02 per cent of paid-up equity in Voltas on April 19. LIC had increased its stake in the company to 5.01 per cent from 4.99 per cent earlier.
Lenders to withdraw debt recast if Future-RIL deal goes through: Report
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Future Group RIL Deal: Lenders to withdraw debt recast if Future Group-RIL deal goes through
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Kamath committee approves Future Retail, Enterprises restructuring
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This is the second large restructuring approved by the five member Kamath committee. Late last month it had approved a Rs 10,900 crore restructuring plan for the Shapoorji Pallonji Group.
Reuters
Future Enterprises which holds its supply chain; and Future Lifestyle Fashions which houses apparel brands like Central and Brand Factory, the total debt of the group stands at about Rs 21,000 crore.
Banks will now implement the restucturing plan before the end of the week. The plan has been approved and we will have to complete the legal and other formalities by April 24 the last date for the restructuring according to RBI norms. April 24 will then be date for implementing the plan, said one of the two people cited above.
Lenders to Future Enterprises, Future Supply Chain Solutions approve debt restructuring
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Last Updated: Apr 20, 2021, 10:48 PM IST
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The boards of both the companies Future Enterprises and Future Supply Chain Solutions have approved the lenders plan to restructure the existing secured financial debt, the firms said in separate regulatory filings.
Agencies
Future Enterprises said its restructuring plan would be subject to approval from the Expert Committee formed by RBI under the chairmanship of K V Kamath.
Lenders to two more Future group firms
Future Supply Chain Solutions have approved a resolution plan to restructure the existing secured financial debt of the companies, as per regulatory filings. Last week, a consortium of 28 banks had approved a resolution plan for debt restructuring of the Kishore Biyani-led group s flagship firm Future Retail Ltd, under the resolution framework for COVID-19-related stress announced by the Reserve Bank of I