Future Enterprises defaults on interest payment of Rs 6.15 cr for MNT

Indebted Future Enterprises Ltd (FEL) has announced another default, this time on interest payments of Rs 6.15 crore for its non-convertible debentures.

The payment due date was June 29, 2022, FEL said in a regulatory filing Thursday.

”The Company is unable to meet its obligations with respect to interest on non-convertible debentures…” he said.

This is the fifth default in June of the company Future Group headed by Kishore Biyani.

Last week, FEL informed the exchanges of three defaults of Rs 4.10 crore, Rs 85.71 lakh and Rs 6.07 crore. All amounts were interest payments for its non-convertible debentures.

FEL had defaulted on another interest payment of Rs 1.41 crore earlier this month.

The last defect relates to interest on securities issued for a sum of Rs 60 crore.

FEL defaulted on interest payments for the period from June 29, 2021 to June 28, 2022, he said.

The debentures are secured and have a coupon rate of 10.25% per annum.

In April, FEL notified the stock exchanges of a default of Rs 2,835.65 crore to its consortium of banks. Its due date was March 31, 2022.

FEL was among 19 group companies operating in the retail, wholesale, logistics and warehousing segments to be transferred to Reliance Retail under a Rs 24,713 crore deal announced in August 2020.

The deal was canceled by billionaire Mukesh Ambani, led by Reliance Industries Ltd in April.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

Comments are closed.