Future Supply shares increase as CCI approves the acquisition of 22 pcs by Nippon Express

New Delhi, December 11 () Future Supply Chain Solutions Ltd shares rose more than 6 percent on Wednesday when the Competition Commission approved the acquisition of a 22 percent stake in the logistics company by Nippon Express.

In the BSE, the script was opened on a positive note and increased further 6.69 percent to Rs 534.95.

The shares appreciated 5.98 percent at Rs 529 in the NSE.

The Indian Competition Commission (ITC) said in a tweet on Tuesday that it approves the acquisition by Nippon Express (South Asia and Oceania) Pte Ltd of approximately 22 percent of the total issued and paid share capital of Future Supply Chain Solutions Limited.

The company had said in September that, as part of this transaction, Future Supply Chain Solutions Ltd (FSC) will issue 37.89,350 shares to Nippon Express at a price of Rs 664 per share (22% premium over the current market price) .

Through this main issue, Nippon Express will have a 8.6 percent stake in a fully diluted base and the FSC will raise around Rs 252 million to finance its short-term growth plans, the company said in a regulatory document .

In addition, Nippon Express had reported that it had entered into a share purchase agreement with the institutional shareholders of FSC to acquire 58.63,475 shares representing 14.6 percent of the existing share capital, he added. Both transactions will result in Nippon Express acquiring a 22 percent stake in FSC (on a fully diluted money basis), FSC had said. SRS BAL BAL