Debt-ridden Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on payment of ₹29.33 crore as interest on non-convertible debentures (NCDs).
The due date for payment was April 18, 2022, it said in a regulatory filing.
This is the third default by the Kishore Biyani-led Future group firm this month.
On April 12, FEL had informed the exchanges about default on payment of ₹9.10 crore interest on NCDs and ₹1.22 crore on April 15.
The latest default is on the interest of securities issued for a sum of ₹300 crore.
FEL has defaulted on interest for the period between April 17, 2021 to April 17, 2022, it said.
The debentures are secured and have a coupon rate of 9.75 per cent per annum.
Earlier this month, FEL had announced a default of ₹2,835.65 crore towards its consortium of banks. The due date was March 31, 2022.
FEL has defaulted on several payments in the last two months.
In March, it had defaulted twice — for ₹19.16 crore and ₹93.99 crore owed to banks.
FEL is part of the ₹24,713-crore deal announced by Future Group in August 2020, under which it is to sell 19 companies operating in the retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures Ltd (RRVL).
All 19 companies would be consolidated into one entity — FEL — and then transferred to Reliance Retail Ventures Ltd.
Future Group companies will be conducting meetings of their respective shareholders and creditors between April 20 to April 23, 2022, to seek their approval for the ₹24,713-crore deal.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.