Shares of Future Retail and Future Enterprises rose nearly 5 per cent and hit upper circuit limits after Sebi cleared Future Group's proposed multi-billion dollar deal with Reliance Industries Ltd.
On the BSE, Future Retail Ltd's shares hit the upper circuit of ₹81.35, rising 4.97 per cent over the previous close.
Future Enterprises Ltd's stock gained 4.98 per cent to touch the upper circuit limit of ₹12.01.
Meanwhile, Reliance Industries Ltd (RIL) was trading at ₹2,114.8 during the late morning trade, rising 2.91 per cent.
On Wednesday, Sebi gave a go-ahead to Future Group's scheme of arrangement and sale of assets to Reliance Industries.
Based of this, the BSE also granted its "no adverse observation" report to the ₹24,713-crore deal.
Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal and not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court.
"It is observed that there are certain ongoing litigations/arbitration/legal proceedings against the draft scheme," the Sebi said.
{{/usCountry}}"It is observed that there are certain ongoing litigations/arbitration/legal proceedings against the draft scheme," the Sebi said.
{{/usCountry}}"In view of the same, the company is advised that these comments of SEBI on the draft scheme of arrangement are subject to the outcome of any of the ongoing litigations/arbitration/legal proceeding involving the draft scheme and/or the decision by any competent authority/competent court in this regard," it said.