Private equity firm ICICI Venture has exited its investment in Future Lifestyle Fashions Ltd (FLF), the fashion apparel, accessories and associated products arm of Kishore Biyani-led Future Group, through an open market transaction.
It held 1.15 per cent stake in the firm through India Advantage Fund and sold its entire 21,43,844 shares for Rs 17.5 crore ($2.7 million). The shares were picked by a portfolio investment unit of Morgan Stanley.
ICICI Venture had previously invested in Future Retail (earlier Pantaloon Retail) and got shares of Future Lifestyle as part of the stock swap in the group restructuring two years ago.
Future Lifestyle Fashions, which now houses the fashion business spliced out of Future Retail and Future Consumer, has a portfolio of over 40 fashion and lifestyle brands.
In February this year, the company increased its stake in ethnic products firm Indus Tree Crafts Pvt Ltd from 63.34 per cent to 72.16 per cent.
In the recent past, it picked minority stakes in brands such as Tresmode, Famozi, accessories brand Peperone and women apparel firm Desi Belle.
Shares of FLF last changed hands at Rs 83.35 each, up 2.52 per cent on BSE in a weak Mumbai market on Tuesday.