Future Retail gained 4.5% to Rs 119.4 after the company averted default by making interest payment worth $14 million to investors.
The company has paid the interest amount of $14 million due on the 5.60% senior secured notes due 2025 (dollar notes) after a grace period of 30 days, Future Retail said in the filing on Monday.In a regulatory filing Future Retail said, "We are pleased to inform that the company has made the payment of said interest for the half year ended for an amount of $14 million on USD Notes."
The company on 22 July 2020 had informed the exchanges that it had missed the payment of interest on the dollar notes on account of liquidity crunch. The terms of issuance of the dollar Notes provides for an additional period of 30 days for payment of interest from the due date, in case same could not have been paid on the original due date.
Future Retail is engaged in the business of retailing a range of household and consumer products through departmental store facilities under various formats. The company is primarily engaged in the business of multi-brand retail trade.
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