New Delhi: Heritage Foods has sold its entire three percent stake in Kishore Biyani-led Future Retail for about Rs 132 crore in the open market. The company said that it sold the stake to repay the debt.
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“The company has sold its entire stake/investment of 1,78,47,420 equity shares in Future Retail,” Heritage Foods told the stock market. These shares were sold in the open market through the stock exchanges and the company received a net amount of Rs 131.94 crore. “
The promoter of Heritage Foods is a family member of former Andhra Pradesh Chief Minister N. Chandrababu Naidu. The company said that the proceeds from the sale would be used to repay term loans.
