Future Enterprises defaults on Rs 1.41 cr interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on payment of interest of Rs 1.41 crore for its non-convertible debentures.

The due date for payment was June 6, 2022, Future Supply Chain Solutions Ltd said in a regulatory filing on updates received from its promoter Future Enterprises Ltd (FEL).

"The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures...," it added.

The Kishore Biyani-led Future Group firm has defaulted on several payments in the last few months.

The latest default is on the interest of securities issued for a sum of Rs 29 crore.

FEL has defaulted on interest payment for the period December 12, 2021 to June 5, 2022, it said.

The debentures are secured and have a coupon rate of 9.8 per cent per annum.

In April, FEL had informed the exchanges about a default of Rs 2,835.65 crore towards its consortium of banks. Its due date was March 31, 2022.

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

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