Debt-ridden Future Group on Friday said it would sell part of its stake in Amar Chitra Katha Pvt. Ltd. (ACKPL), which publishes Amar Chitra Katha comics, for ₹13.62 crore.
It entered into definitive agreements on Thursday to dispose of part of its investments held in ACKPL constituting 18.58% 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 company said in a filing.
According to the filing, the aggregate consideration, which will be received from the sale of an 18.58% stake in ACKPL, will be ₹13.62 crore.
In January this year, FCL had said it would increase its stake to 68.72% in ACKPL post-conversion of debentures into equity. Several Future Group companies are selling assets to pare debts after their creditors last month voted against the ₹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 25% equity in Future Generali India Insurance Company Ltd. (FGIICL) to joint venture partner Generali for ₹1,266.07 crore.
