Future Retail pays $14 mn interest on USD notes in grace period

New Delhi: Debt-ridden Future Retail has made a payment of $14 million (around Rs 104.55 crore) for interest due on the dollar-denominated notes (USD Notes) listed on the Singapore Stock Exchange after missing the due date last month.

The USD notes had a grace period of 30 days for making the payment of interest, stated a regulatory filing from Future Retail, which operates chains such as Big Bazaar and Easyday and Heritage among others.

"Further, we would like to inform that on 18th February 2022 the company has made the payment of said interest for the half-year ended for an amount of $14 million on above USD Notes," said the Future Group firm. The Senior Secured Notes notes had an interest of 5.60 per cent and due in 2025.

Future Retail, on January 24, 2022, had said it had a payment of interest due on the USD Notes as its liquidity position had remained affected due to the continued impact of the COVID-19 on its business operations. "This has caused us to miss the service of the payment of interest due on the USD Notes (listed on Singapore Stock Exchange) on 24th January 2022," Future Retail had said.

The Kishore Biyani firm also defaulted on payment of Rs 3,494.56 crore to its lenders in January.

Next Story
Share it