Biyani’s debt-related troubles came to the fore in March, when shares of Future group’s listed company lost significant value leading to a ratings downgrade of his promoter holding company and invocation of pledged shares by lenders. The group has moved to find buyers for promoters’ shares in two group entities.
On 25 March, Mint reported that Future group had appointed investment bank Arpwood Capital to find a buyer for the apparel business Future Lifestyle Fashion Ltd, which runs the Central brand of apparel retail stores. Bloomberg on 9 April reported that the group aims to raise as much as ₹2,500 crore by selling its stake in an insurance joint venture.