Millennium Post

FEL defaults on paying Rs 85.71L interest for NCDs

New Delhi: Debt-ridden Future Enterprises Ltd (FEL) has defaulted on payment of interest of Rs 85.71 lakh for its non-convertible debentures. The due date for payment was June 21, 2022, it said in a regulatory filing.

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

This is the third default this month by the Kishore Biyani-led Future Group firm.

On Tuesday, it had informed the exchanges about defaulting on interest payment of Rs 6.07 crore for its non-convertible debentures (NCDs). Earlier this month, FEL had made another default on the payment of interest of Rs 1.41 crore.

The latest default is on the interest of securities issued for a sum of Rs 18 crore.

FEL has defaulted on interest payment for the period between December 20, 2021, to June 20, 2022, it said.

The debentures are secured and have a coupon rate of 9.55 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 Rs 24,713 crore deal announced in August 2020.

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