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Debt-plagued Future Enterprises Ltd (FEL) said that it defaulted on interest payments on two non-convertible bonds totalling Rs Rs 12.68 crores.
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Debt-plagued Future Enterprises Ltd (FEL) said that it defaulted on interest payments on two non-convertible bonds totalling Rs. 12.68 crores. As per their regulatory filing, the payment was due on August 17, 2022. The bond is collateralized with a coupon of 9.60 per cent per annum.
Interest will be paid for the period from 16 February to 17 August 2022. The amount of securities issued was Rs. 106 crore and Rs. 159 crores for a total of Rs 265 crore.
Earlier this week, the FEL notified the exchange that the company's trade creditors had filed a petition with the National Company Law Tribunal seeking bankruptcy proceedings against the company.
Futures Group companies have missed interest payments from several NCDs over the past three months.
FEL was part of Future Group's 19 companies operating in retail, wholesale, logistics and warehousing sectors to be transferred to Reliance Retail in a transaction of Rs.24,713 crore announced in August 2020. The deal was cancelled in April by Reliance Industries, headed by billionaire Mukesh Ambani.