Hyderabad-based dairy and retail major Heritage Foods, promoted by the family of former Andhra Pradesh Chief Minister N Chandrababu Naidu, has sold its entire holdings in Future Retail for Rs 131.94 crore. Kishore Biyani-led Future Group acquired the retail and allied business of Heritage Foods in 2016, which gave the company over 3% stake in Future Retail.
"The company has disposed off its entire holdings/investment of 1,78,47,420 equity shares held in Future Retail. These shares were sold through stock exchange in open market in various tranches and the net amount of Rs 131.94 crore was received by the company," Heritage Foods said.
Heritage Foods is promoted by the family members of former Andhra Pradesh Chief Minister N Chandrababu Naidu. The company said sale proceeds shall be mainly utilised for the repayment of term loans of the company. In November 2016, Future Group had signed a definitive agreement to acquire Heritage Foods, in an all stock deal.
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