Future Enterprises, in debt, does not pay interest of Rs 4.10 cr for MNT

Indebted Future Enterprises Ltd (FEL) defaulted on interest payments of Rs 4.10 crore for its non-convertible debentures.

The payment due date was June 24, 2022, FEL said in a regulatory filing.

“The Company is unable to meet its obligations with respect to interest on the non-convertible debentures that were due on June 24, 2022,” he said.

This is the fourth default in June by the Future group company headed by Kishore Biyani.

Earlier this week, FEL twice defaulted on interest payments of Rs 85.71 lakh and Rs 6.07 crore for its non-convertible debentures. FEL had made another interest default of Rs 1.41 crore earlier this month.

The last defect relates to interest on securities issued for a sum of Rs 40 crore.

FEL defaulted on interest payments for the period from June 24, 2021 to June 23, 2022, he said.

The debentures are secured and have a coupon rate of 10.25% per annum.

In April, FEL notified the stock exchanges of a default of Rs 2,835.65 crore to its consortium of banks. His due date was March 31, 2022.

FEL was among 19 group companies operating in the retail, wholesale, logistics and warehousing segments, which were to be transferred to Reliance Retail in a Rs 24,713 deal crore announced in August 2020.

The deal was canceled by billionaire Mukesh Ambani, led by Reliance Industries Ltd in April.

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