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Future Enterprises declines on defaulting on interest payments of NCDs

Future Enterprises (FEL) fell 3.47% to Rs 9.74 after the company defaulted on payment of interest on non-convertible debentures (NCDs) worth Rs 15.14 crore which was due on 12 October 2020.

In a regulatory filing on Tuesday, Future Enterprise said it has defaulted on interest payment of Rs 15.14 crore for a gross principal amount of Rs 300 crore. The obligation had a coupon rate of 10.15% per annum and was paid on half-yearly basis on April 11 and October 11 each year. The disclosure was made after market hours yesterday, 13 October 2020.

On a standalone basis, FEL reported a net loss of Rs 279.24 crore in Q1 June 2020 as compared to a net loss of Rs 12.82 crore in Q1 June 2019. Net sales slumped 93.9% to Rs 66.84 crore during the period under review.

FEL is engaged in the business of multi brand retail trading.

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