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Future Retail on Monday said it has raised ₹200 crore via redeemable non-convertible debentures (NCDs) of three-year tenure.
The issuance, comprising 2,000 secured, rated, listed NCDs of ₹10 lakh each for cash at par under Series-II, carry 9.95 per cent coupon rate.The NCDs will be listed on the Wholesale Debt Market segment of BSE Ltd.
The company, in an exchange filing, said it will be maintaining overall minimum asset cover of 1.10 times on gross block of fixed assets of the aggregate face value amount of debentures outstanding, to be maintained at all times during the tenor of the debentures.
According to the filing, the debentures, interest thereon, trustees’ remuneration and all other monies relating thereto will be secured by pari passu first charge on the Company’s specific immovable property and tangible movable fixed assets, having minimum security cover as provided above during the tenure of the debentures.
In the event of delay in the payment of interest amount and/or principal amount on the due date(s), the issuer shall pay additional interest of 2 per cent per annum in addition to the coupon rate payable on the NCDs, on such amounts due, for the defaulting period, the company said.
Future Retail operates retail chains such as Big Bazaar, fbb (Fashion @ Big Bazaar), EasyDay Club, Heritage Fresh and Hypercity.
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