Future Enterprises Ltd. has defaulted in payment of interest payable on non-convertible debentures
New Delhi:
According to a regulatory filing, debt-ridden Future Enterprises Ltd (FEL) has defaulted on payment of interest of Rs 1.22 crore on non-convertible debentures (NCDs).
FEL said in a regulatory filing that the due date for payment of interest of Rs 1.22 crore was April 13, 2022.
“The company is unable to meet its obligations in respect of interest on NCDs payable as on April 13, 2022,” it said.
This is the second default this week by the Kishore Biyani-led Future Group firm. FEL had on April 12 reported default in payment of interest of Rs 9.10 crore due on NCDs.
The latest default is on interest on securities issued for an amount of Rs 25 crore.
According to regulatory filings from the Future Group firm, FEL has defaulted on interest payments for the period between October 13, 2021 and April 12, 2022.
The debentures are secured and have a coupon rate of 9.80 per cent per annum.
Earlier this month, FEL reported a default of Rs 2,835.65 crore to a group of banks. Its due date was 31 March 2022.
FEL has defaulted on several payments in the last two months. In March, it defaulted on payments of Rs 19.16 crore and Rs 93.99 crore to banks.
FEL is part of a Rs 24,713 crore deal announced by Future Group in August 2020 under which Reliance Retail Ventures Limited (RRVL) is to be sold to 19 companies operating in the retail, wholesale, logistics and warehousing segments.
All 19 companies will be consolidated into a single entity – FEL – and then transferred to Reliance Retail Ventures Ltd.
Future Group companies will hold meetings with their respective shareholders and creditors between April 20 and April 23, 2022 to seek their approval for the Rs 24,713 crore deal.