Future group to introduce -'Future card'

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Mumbai, Jan 7 (UNI) Future group-promoted Future Capital Holding Ltd (FCHL) will soon introduce consumers' credit card--'Future Card'- as part of its retail finance service.

The company, in association with ICICI Bank, will launch a consumers credit card, through which consumers can be facilitated with credit service for buying products from Future group's retail outlets.

Talking to mediapersons, after announcement of company's initial public offer, FCHL CEO and Managing Director, Sameer Sain said FCHL has entered into an agreement with ICICI Bank for marketing and distribution of the card, which will be launched within two months.

The group plans to commence entire range of retail financial services including consumer credit as well as insurance products in the near future, he said.

The company will enter the capital market with 64 lakh equity shares of Rs 10 face value through 100 per cent book-building process. The price band of the issue has been fixed between Rs 700 and Rs 765 per equity share and will be open for subscription from January 11 to 16.

Through the issue, the company is planning to raise Rs 491 crore, which will be invested for expanding its consumer finance outlets named 'Future Money'.

Kotak, Enam, J M Financial and UBS are the book running lead managers to the issue. Pantaloon, Kishore Biyani and Sain hold nearly 83 per cent in the company.

After the issue, the promoters' holding will come down to 74.5 per cent, from 83 per cent currently. Pantaloon Retail's 61 per cent holding in Future Capital will come down to 55 per cent.

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