Reliance Deal: Lenders Reject, Shareholders Vote In Favour

FRL secured votes of 85.9% shareholders in favour of the proposed INR 24,713 crore deal with Reliance.

78.22% of the unsecured creditors also voted in favour of the proposed deal.

However, a majority of secured creditors voted against the deal. As many as 69.29% of them vetoed the proposal

Future Retail Ltd’s (FRL) plan to sell its assets to Reliance Industries Ltd (RIL) has failed as a majority of shareholders of the debt-laden company voted against the INR 24,713 crore deal. 

In an exchange filing on Friday…