Reliance Industries “cannot implement” its $3.4 billion deal to acquire parts of retail chain Future Group after the latter’s secured creditors rejected the offer earlier this week, India’s most valuable firm said in a stock exchange filing on Saturday.
“The Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings. As per these results, the shareholders and unsecured creditors of FRL have voted in favour of the scheme. But the secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented,” Relian …
