Future Retail seeks nod to delay results

Our Bureau Mumbai | Updated on July 30, 2020

Future Retail Ltd has sought permission to delay the announcements of its fourth quarter results for FY20 and first quarter of FY21 due to Covid-19 pandemic.

“Due to continuous lockdown announced initially by Central Government & then by State Government in order to control spread of the pandemic all of our as well as our subsidiary companies offices were closed/partially closed for more than four months since the last week of March.

“It may be noted that company’s corporate office is not operative, since the same falls under containment zone and in order to safeguard of our employees, the company has not started its key offices in Mumbai. This has not only impacted our administration and regular accounting operations but completion and closure of annual accounts and consolidation process,” Future Retail said in a note to the stock exchanges.

Ratings downgrade

Meanwhile, CARE Ratings has downgraded the company debt from ‘CARE A-’ to ‘CARE BB+’ for its Non-Convertible Debenture Issue, Long Term Loan and Fixed Deposit, and downgraded its Short-term Bank Facilities (Non-Fund based) and Commercial Paper (carved out of working capital limits) Commercial Paper 'CARE A4'+ from 'CARE A2+'.

The move comes in the light of the missed interest payment on its dollar bonds of $500 million which was due on July 22, . CARE Ratings said it has factored in the stretched liquidity position as evident from missed interest payment on the said bonds.

Published on July 30, 2020

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