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The Mumbai-based Future Enterprises has defaulted on payment of loans amounting to ₹2,911.51 crore to consortium banks and lenders.
As per the regulatory filing, Future Enterprises was required to pay ₹2,911.51 crore loans to various consortium banks and lenders between 23rd March 2022 to 31st March 2022.
The company could not repay the mentioned loan amount under the review period of 30 days.
Future Enterprises said, "We would like to inform that the Company was unable to discharge the above Obligations to Banks / Lenders under the review period of 30 days, as the Company was not able to complete the monetisation of the specified investments as contemplated in OTR Plan (as defined the said Agreement), on Due Dates."
Data given by Future Enterprises showed that its total financial indebtedness including short and long-term debt, stood at ₹6778.29 crore as of April 22, 2022.
The lending banks were Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Bank of Maharashtra, Central Bank of India, Canbank Factors, CSB Bank, DBS Bank, Dhanlaxmi Bank, HDFC Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, SBI Global Factors, State Bank of India, South Indian Bank, and Union Bank of India.
Future Group has faced a setback in its scheme of arrangement with Reliance Industries - who called off the mega ₹24,713 crore acquisition deal of Kishore Biyani-backed retail, logistics, and warehouse assets - after Future Retail secured creditors voted against the scheme.
On Friday, Future Enterprises shares finished at ₹6.28 crore down by 4.12% on BSE.