"We are overwhelmed by the strong response of the global investor community which is a testament to our strong credit story. This transaction would help us further diversify our sources of funding, Future Retail Limited (FRL) Joint Managing Director Rakesh Biyani said.
Proceeds from the offering will be utilised to purchase store assets from Future Enterprises Ltd which will help significantly improve EBITDA margin profile of FRL, Biyani added.
The company intends to use all of the proceeds to meet the capital expenditure for the acquisition of certain instore retail infrastructure assets from Future Enterprises Limited. The notes will be listed on the Singapore Exchange Securities Trading Limited (SGX- ST).
"The transaction witnessed 37 per cent participation from Asia, 42 per cent from the US and 21 per cent from EMEA with 84 per cent investment from long haul funds, 8 per cent from private banks, 5 per cent from insurance/pension funds and 3 per cent from banks and others," the filing said.
It further added that there has been strong demand from most of the blue chip names amongst the largest funds across the globe.
Deutsche Bank, Standard Chartered Bank, Barclays, J P Morgan and UBS acted as Joint Global Coordinators and Joint Bookrunners on the issue. SBICAP, Credit Suisse, Emirates NBD Capital and Rabobank acted as Joint Bookrunners, while A K Capital acted as Financial Advisor to the Issuer.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.