Future Firms Will Not Pay Rs 4.10 Crore Interest For NCDs
New Delhi:
Debt-ridden Future Enterprises Ltd (FEL) has defaulted on paying interest of Rs 4.10 crore on its non-convertible bonds.
The due date for payment was June 24, 2022, FEL said in a regulatory filing.
“The company is unable to meet its obligations in respect of the interest on non-convertible bonds owed on June 24, 2022,” it said.
This is the fourth default in June by the Future group’s Kishore Biyani-led company. Earlier this week, FEL twice defaulted on interest payments of Rs 85.71 lakh and Rs 6.07 crore for its non-convertible bonds. FEL had again defaulted on interest payments of Rs 1.41 crore earlier this month.
The latest default is on the interest rate of securities issued in the amount of Rs 40 crore.
FEL has defaulted on interest payments for the period between June 24, 2021 and June 23, 2022, it said.
The bonds are secured and bear a coupon rate of 10.25 percent per annum.
In April, FEL had informed the exchanges of a default of Rs 2,835.65 crore against its consortium of banks. The expiration date was March 31, 2022.
FEL was part of the 19 group companies operating in the retail, wholesale, logistics and warehousing segments, which were to be transferred to Reliance Retail as part of a deal of 24,713 crore of Rs.
The deal was called off in April by billionaire Mukesh Ambani-led Reliance Industries Ltd.
