Future Enterprises has defaulted on payment of interest on non-convertible debentures (NCDs) totaling Rs 15.73 crore. The due date for payment was September 20, 2022. The debentures are secured and have a coupon rate of 9.60 per cent per annum.
The company had defaulted on interest payment for the period March 21, 2022, to September 19, 2022 as well. The total amount of securities issued was Rs 352 crore and the gross principal amount on which the default has occurred is Rs 327 crore.
Future Enterprises develops, owns and leases the retail infrastructure for the Group. The company also holds the Group’s investments in subsidiaries and joint ventures including insurance, textile manufacturing, supply chain and logistics.
