MUMBAi: Mumbai: Future group founder Kishore Biyani who is in the midst of a courtroom battle over pledged shares of the company may get a breather after several lenders gave a conditional nod to restructuring loans worth $600 million of promoter debt, said two people directly aware of the development.
According to the people cited above, the loan restructuring comes with an exit routed charted for Biyani from Future group which he founded in 1987.
It makes it binding for him to sell controlling stake in group companies to raise funds for repayments. "The lenders have also begun reaching out to potential buyers but that there is currently a cap on foreign investment in multi retail, the task may not be very easy," said the first person
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