Future Consumer, FMCG arm of the Kishore Biyani-owned Future Group on Friday announced sold off its investment held in comics publisher Amar Chitra Katha (ACKPL) worth ₹13.62 crores.
“In furtherance to the aforesaid and to give effect to the same, the Company has entered into definitive agreements on 5th May, 2022, to dispose-off part of its investments held in ACKPL aggregating to 3,61,290 equity shares constituting to 18.58 per cent of total paid-up share capital of ACKPL to the respective purchasers, in one or more tranches, subject to such further consents and approvals that may be required and achieving completion of conditions specified under respective agreements,” noted Future Consumer in an official statement.
Upon completion of the sale of shares, Amar Chitra Katha shall cease to be a subsidiary of Future Consumer, it added.
Future Consumer clarified that its investment in Amar Chitra Katha was solely held in Compulsorily Convertible Debentures as of March 31, 2021. “The investments in Compulsorily Convertible Debentures of ACKPL were held at cost, which accounted for 5.42 per cent of the net worth of the Company on that date,” it further added.
Had recently upped stakes
Interestingly, it was only in January this year, that Future Group had upped its stake in Amar Chitra Katha to 68.72 per cent post conversion of debentures into equity. After the conversion, Future Consumer held a majority stake in ACKPL.
According to its regulatory filing back then: “Post allotment of the equity shares as aforesaid, the company holds 68.72 per cent of the paid equity share capital of ACKPL and accordingly ACKPL has now become a subsidiary of the company.”
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