23 August 2019 FRL announced that Amazon plans to acquire a 49% stake in Future Coupons (FCL), the promoter group entity which holds a 7.3% stake (39.6m shares) in the company. It did not disclose the deal value; however, we estimate it to be at a significant premium to INR505 the price at which FRL issued warrants to FCL in Feb19. This potentially values the deal at ~INR15b. Amazon has the call option to buy up to 100% of the promoter stake, which can be exercised between the third and tenth under certain circumstances. The promoter group has restriction to any incremental share transfers, while Amazon has the right of first refusal (ROFR) for any additional stake promoter sale with certain conditions. Future Retail Feb19, FRL issued 39.6m shares (7.3% stake) through warrants to FCL, a promoter group entity, at INR505/share, valuing it at INR20b. Of this, 25% (i.e. INR5b) is already paid.