“The company is unable to service its obligations in respect of the interest on non-convertible debentures was due on June 24, 2022,” said FEL
“The company is unable to service its obligations in respect of the interest on non-convertible debentures was due on June 24, 2022,” said FEL
Debt-ridden Future Enterprises Ltd. (FEL) has defaulted on interest payment of ₹4.10 crore for its non-convertible debentures.
The due date for payment was June 24, 2022, FEL said in a regulatory filing.
“The company is unable to service its obligations in respect of the interest on non-convertible debentures was due on June 24, 2022,” it said.
This is the fourth default in June by the Kishore Biyani-led Future group firm. Earlier this week, FEL defaulted twice on interest payments of ₹85.71 lakh and ₹6.07 crore for its non-convertible debentures. FEL had made another default on the payment of interest of ₹1.41 crore, earlier this month.
The latest default is on the interest of securities issued for a sum of ₹40 crore.
FEL has defaulted on interest payment for the period between June 24, 2021, and June 23, 2022, it said.
The debentures are secured and have a coupon rate of 10.25% per annum.
In April, FEL had informed the exchanges about a default of ₹2,835.65 crore towards its consortium of banks. Its due date was March 31, 2022.
FEL was a 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 ₹24,713-crore deal announced in August 2020.
The deal was called off by the billionaire Mukesh Ambani-led Reliance Industries Ltd. in April.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
