ICICI Securities, the sole advisor in the Future Group-Reliance Industries deal, on Monday said that it does not see any challenges from the minority shareholders in executing the transaction as they are certainly going to get a fair deal.

“The minority shareholders are certainly going to get a fair deal, that is what it looks like. So I certainly don’t see there should be challenges anywhere from the minority shareholders for the company,” said Raghwendra Pande, executive vice president, ICICI Securities.

Reliance Industries' subsidiary Reliance Retail on Saturday announced it will acquire Future Group's retail, wholesale, logistics, and warehousing businesses on a slump sale basis for Rs 24,713 crore.

“The deal will have all the stakeholders’ approval, it will have lenders' approval as well as all the minority shareholders’ approval," said Pande.

"I don’t think there is a challenge in terms of any haircut or anything which can be discussed at this point in time. Let the scheme of amalgamation be filed, after the filing we can speak on it,” he added.

Further, on what the deal would look like, he said, “Future Group is the one which brought in the evolution of the entire retail business in this country. There are huge synergies going along with Reliance primarily because Reliance adds almost 1,700-1,800 stores which are on the grocery and the lifestyle business by joining hands with Future in this deal."

First Published:Aug 31, 2020 11:26 AM IST