Future Enterprises defaults on ₹4.10 crore curiosity fee for NCDs

“The corporate is unable to service its obligations in respect of the curiosity on non-convertible debentures was due on June 24, 2022,” mentioned FEL

“The corporate is unable to service its obligations in respect of the curiosity on non-convertible debentures was due on June 24, 2022,” mentioned FEL

Debt-ridden Future Enterprises Ltd. (FEL) has defaulted on curiosity fee of ₹4.10 crore for its non-convertible debentures.

The due date for fee was June 24, 2022, FEL mentioned in a regulatory submitting.

“The corporate is unable to service its obligations in respect of the curiosity on non-convertible debentures was due on June 24, 2022,” it mentioned.

That is the fourth default in June by the Kishore Biyani-led Future group agency.  Earlier this week, FEL defaulted twice on curiosity funds of ₹85.71 lakh and ₹6.07 crore for its non-convertible debentures. FEL had made one other default on the fee of curiosity of ₹1.41 crore, earlier this month.

The most recent default is on the curiosity of securities issued for a sum of ₹40 crore.

FEL has defaulted on curiosity fee for the interval between June 24, 2021, and June 23, 2022, it mentioned.

The debentures are secured and have a coupon price of 10.25% every year.

In April, FEL had knowledgeable the exchanges a couple of default of ₹2,835.65 crore in direction of its consortium of banks. Its due date was March 31, 2022.

FEL was part of the 19 group firms working in retail, wholesale, logistics and warehousing segments, which had been speculated to be transferred to Reliance Retail as a part of a ₹24,713-crore deal introduced in August 2020.

The deal was referred to as off by the billionaire Mukesh Ambani-led Reliance Industries Ltd. in April.

By- The Hindu

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