It has entered into definitive agreements on Thursday to dispose of part of its investments held in ACKPL constituting to 18.58 per cent of the total paid-up share capital of ACKPL to Ramanaidu Daggubati and Spirit Media, according to a regulatory filing.
Future Consumer Ltd (FCL), part of the Future Group, will be offloading the stake.
“Upon completion of the sale of shares of ACKPL as stated above, ACKPL shall cease to be a subsidiary of the company,” the filing said.
According to the filing, the aggregate consideration, which will be received from the sale of an 18.58 per cent stake in ACKPL, will be Rs 13.62 crore.
In January this year, FCL had said it will increase its stake to 68.72 per cent in ACKPL post-conversion of debentures into equity.
Several Future Group companies are selling their assets to pare debts after their creditors last month voted against the Rs 24,713 crore deal to sell its retail, wholesale, logistics and warehousing assets to Reliance Retail.
On Thursday, Future Enterprises Ltd completed the sale of its 25 per cent equity in Future Generali India Insurance Company Ltd (FGIICL) to joint venture partner Generali for Rs 1,266.07 crore.