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Bond Market News

Reliance Extends Deadline for Deal with Future to September

Reliance Retail Ventures (RRVL) has extended the deadline by six months to complete its $3.4bn deal with the Future Retail. RRVL revised the timeline for the ‘long stop date’ (Term of the Day, explained below) to September 30 2021 from March 31 2021. The deal which seemed to sail through after the CCI and SEBI’s approval, was awaiting the NCLT’s approval before getting to the final steps. But Amazon’s plea to seek enforcement of the Singapore arbitrator’s decision saw the Delhi High Court block the acquisition.

Separately, Reliance Industries said it secured the approval of its shareholders and creditors to hive off its oil-to-chemical (O2C) business into a separate unit. Saudi Aramco is reportedly in discussions with Reliance to buy a 20% stake in the O2C business.

Future Retail’s USD 5.6% 2025s were down 0.1 to 82.63, yielding 11.36%.

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