Business Standard

Future Enterprises defaults on Rs 4.10 crore interest payment for NCDs

Earlier this week, FEL defaulted twice on interest payments of Rs 85.71 lakh and Rs 6.07 crore for its non-convertible debentures.

Future Group

Photo: Shutterstock

Press Trust of India New Delhi
Debt-ridden Future Enterprises Ltd (FEL) has defaulted on interest payment of Rs 4.10 crore for its non-convertible debentures.
The due date for payment was June 24, 2022, FEL said in a regulatory filing.
"The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on June 24, 2022," it said.
This is the fourth default in June by the Kishore Biyani-led Future group firm.
Earlier this week, FEL defaulted twice on interest payments of Rs 85.71 lakh and Rs 6.07 crore for its non-convertible debentures. FEL had made another default on the payment of interest of Rs 1.41 crore, earlier this month.
The latest default is on the interest of securities issued for a sum of Rs 40 crore.
FEL has defaulted on interest payment for the period between June 24, 2021, to June 23, 2022, it said.
The debentures are secured and have a coupon rate of 10.25 per cent per annum.
In April, FEL had informed the exchanges about a default of Rs 2,835.65 crore towards its consortium of banks. Its due date was March 31, 2022.
FEL was a part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020.
The deal was called off by the billionaire Mukesh Ambani-led Reliance Industries Ltd in April.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 25 2022 | 6:14 PM IST

Explore News