FLF Raises USD122 Million from Blackstone and AION
Posted On: 26 Jul 2019 | Sources: Future Lifestyle Fashions, Asian Venture Capital Journal | Author(s): Holden Mann
India-listed fashion retail group Future Lifestyle Fashions (FLF) has secured INR8.4 billion (approximately USD122 million) from global alternative asset manager Blackstone Group and AION Capital Partners, a joint venture between India-focused ICIC Venture Funds Management and US-based alternative investment firm Apollo Global Management, via two separate transactions. Blackstone acquired 12 million shares in FLF for INR5.4 billion (USD79 million) from India-based holding company Ryka Commercial Ventures, representing a 5.8 percent stake. Separately, AION agreed to acquire 6.5 million newly issued shares—equivalent to a 3.2 percent stake in FLF—for INR3 billion (USD43 million). AION’s acquisition is subject to shareholder approval.