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Information Memorandum Future Retail Limited INFORMATION MEMORANDUM FUTURE RETAIL LIMITED CIN: U51909MH2007PLC268269 (Formerly known as Bharti Retail Limited) Our Company was originally incorporated as Bharti Retail Private Limited on February 7, 2007 at NCT of Delhi. Further, the name of our Company was changed to Bharti Retail Limited vide the necessary resolution dated April 24, 2009 and a fresh certificate of incorporation was obtained on May 21, 2009. Pursuant to the Composite Scheme of Arrangement, the name was further changed to its present name viz, Future Retail Limited vide special resolution dated November 18, 2015 and fresh certificate of incorporation pursuant to change of name dated May 25, 2016 was obtained from the Registrar of Companies, Maharashtra at Mumbai (“RoC”) Registered Office: “Knowledge House”, Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai 400 060. For further details on the change in the address of the registered office please see section titled “History of our Company and Certain Corporate Matters” on page 81. Corporate Office: Future Retail Home Office, 247 Park, “C” Tower, LBS Marg, Vikhroli (West), Mumbai 400 083 Tel: (91 22) 6119 0000; Fax: (91 22) 6199 5019; Website: www.futureretail.co.in Contact Person and Compliance Officer: Mr. Virendra Samani Email: [email protected] OUR PROMOTERS MR. KISHORE BIYANI, FUTURE CORPORATE RESOURCES LIMITED, PIL INDUSTRIES LIMITED, GARGI BUSINESS VENTURES PRIVATE LIMITED, RYKA COMMERCIAL VENTURES PRIVATE LIMITED AND MANZ RETAIL PRIVATE LIMITED INFORMATION MEMORANDUM FOR LISTING OF 47,13,38,557 EQUITY SHARES OF RS. 2 EACH NO EQUITY SHARES ARE PROPOSED TO BE SOLD/OFFERED PURSUANT TO THIS INFORMATION MEMORANDUM GENERAL RISKS Investment in equity and equity related securities involve a degree of risk and investors should not invest any funds in the Equity Shares of Future Retail Limited unless they can afford to take the risk of losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in the Equity Shares of Future Retail Limited. For taking an investment decision, investors must rely on their own examination of our Company including the risks involved. ABSOLUTE RESPONSIBILITY OF FUTURE RETAIL LIMITED Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Information Memorandum contains all information with regard to our Company and allotment of Equity Shares, which is material in the context of the allotment and issue of Equity Shares, that the information contained in this Information Memorandum is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and t hat there are no other facts, the omission of which makes this Information Memorandum as a whole, or any such information or the expression of any such opinions or intentions, misleading in any material respect. LISTING The Equity Shares of Future Retail Limited are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). For the purposes of this listing, the Designated Stock Exchange is BSE. Our Company has submitted this Information Memorandum with BSE and NSE and the same has been made available on our website viz. www.futureretail.co.in. Our Company has received in-principle approval from BSE and NSE on September 15, 2015 and September 15, 2015 respectively in connection with allotment and issue of Equity Shares. This Information Memorandum would also be made available on the website of BSE (www.bseindia.com) and NSE (www.nseindia.com) REGISTRAR AND SHARE TRANSFER AGENT Link Intime (India) Private Limited C-13, Pannalal Silk Mills Compound, L. B. S. Marg, Bhandup (West), Mumbai - 400 078. Tel: (91 22) 2596 6970. Fax: (91 22) 2594 6969 Contact Person: Ms.Ashwini Nemlekar E-mail: [email protected] Webiste: www.linkintime.co.in SEBI Registration Number: INR000004058 TABLE OF CONTENTS SECTION I – GENERAL ........................................................................................................................................................................... 1 DEFINITIONS AND ABBREVIATIONS ..........................................................................................................................................1 FORWARD LOOKING STATEMENTS ............................................................................................................................................6 CERTAIN CONVENTIONS, PRESENTATION OF FINANCIAL AND MARKET DATA ..................................................7 SECTION II – RISK FACTORS .............................................................................................................................................................. 8 RISK FACTORS ......................................................................................................................................................................................8 SECTION III – INTRODUCTION ........................................................................................................................................................ 28 SUMMARY OF INDUSTRY ..............................................................................................................................................................28 SUMMARY OF BUSINESS................................................................................................................................................................29 SUMMARY FINANCIAL INFORMATION ...................................................................................................................................32 COMPOSITE SCHEME OF ARRANGEMENT .............................................................................................................................36 GENERAL INFORMATION...............................................................................................................................................................39 CAPITAL STRUCTURE ......................................................................................................................................................................42 OBJECTS AND RATIONALE OF THE SCHEME ........................................................................................................................54 STATEMENT OF POSSIBLE TAX BENEFITS.............................................................................................................................55 SECTION IV - ABOUT US ...................................................................................................................................................................... 63 INDUSTRY OVERVIEW ....................................................................................................................................................................63 OUR BUSINESS ....................................................................................................................................................................................69 REGULATIONS AND POLICIES .....................................................................................................................................................76 HISTORY OF OUR COMPANY AND CERTAIN CORPORATE MATTERS .......................................................................80 OUR MANAGEMENT .........................................................................................................................................................................85 PROMOTERS AND PROMOTER GROUP.....................................................................................................................................99 GROUP COMPANIES....................................................................................................................................................................... 110 RELATED PARTY TRANSACTIONS.......................................................................................................................................... 151 DIVIDEND POLICY.......................................................................................................................................................................... 152 SECTION V – FINANCIAL INFORMATION ................................................................................................................................ 153 FINANCIAL INFORMATION OF OUR COMPANY................................................................................................................ 153 MANAGEMENT DISCUSSION AND ANALYSIS ................................................................................................................... 190 SECTION VI - LEGAL AND OTHER INFORMATION ............................................................................................................. 205 OUTSTANDING LITIGATIONS AND MATERIAL DEVELOPMENTS............................................................................. 205 GOVERNMENT APPROVALS AND LICENSES ...................................................................................................................... 231 SECTION VII – REGULATORY AND STATUTORY DISCLOS URES ................................................................................. 234 MAIN PROVISIONS OF A RTICLES OF ASSOCIATION OF THE COMPANY ............................................................... 239 SECTION VIII – OTHER
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