Future Enterprises defaults on Rs 4.10 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on interest payment of Rs 4.10 crore for its non-convertible debentures.

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

"The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on June 24, 2022," it said.

This is the fourth default in June by the Kishore Biyani-led Future group firm.

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

The latest default is on the interest of securities issued for a sum of Rs 40 crore.

FEL has defaulted on interest payment for the period between June 24, 2021, to June 23, 2022, it said.

The debentures are secured and have a coupon rate of 10.25 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 a 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 Rs 24,713 crore deal announced in August 2020.

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