Future Group sells 18.6% stake in Amar Chitra Katha for ₹13.62 crore

Business

Debt-plagued Future Group said on Friday it will sell part of its stake in Amar Chitra Katha Pvt. ltd (ACKPL), which publishes comics by Amar Chitra Katha, for ₹13.62 crore.

According to a regulatory filing, the company on Thursday entered into definitive agreements to divest a portion of its investment in ACKPL, representing 18.58% of ACKPL’s total paid-up share capital, to Ramanaidu Daggubati and Spirit Media.

Future Consumer Ltd. (FCL), part of Future Group, will divest its stake.

“Upon the completion of the sale of ACKPL’s shares, as noted above, ACKPL will cease to be a subsidiary of the Company,” the company said in a filing.

According to the filing, the total consideration to be received from the sale of an 18.58% stake in ACKPL will be £13.62 billion.

In January this year, FCL announced that it would increase its stake in ACKPL to 68.72% after converting debt into equity. Several Future Group companies are selling assets to pay off their debts after their creditors voted against the 24,713-crore deal to sell their retail, wholesale, logistics and warehousing assets to Reliance Retail last month.

Future Enterprises Ltd. closed on Thursday. the sale of 25% of the shares in Future Generali India Insurance Company Ltd. (FGIICL) to joint venture partner Generali for ₹1,266.07 crore.

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