The group sold several assets to reduce its debt, including a stake sale to Amazon. Their external debt reduced to Rs 1,430 crore as of December 31, 2019. At the same time, the total debt at the group’s listed firms went up to Rs 12,778 crore as of September 30, 2019, from Rs 10,951 crore as of March 31, 2019.
An email sent to Future group
did not elicit any response until going to press.
With continued reduction in the share price of the Future group
listed companies, ICRA said the total group debt to market capitalisation
had increased to 1.2 times as on March 16, 2020, from 0.4 times as on March 31, 2019. Furthermore, this has resulted in an increase in the pledged shareholding of the promoter group, resulting in reduced financial flexibility.