Future Enterprises (FEL) has defaulted on payment of interest on two non-convertible debentures (NCDs) totalling Rs 3.58 crore. The due date for payment was October 27, 2022. The debentures have a coupon rates of 9.80 per cent and 9.28 per cent per annum and the default has happened towards payments of interest of Rs 1.48 crore and Rs 2.10 crore, respectively.
FEL has defaulted on interest payments for the period from April 26, 2022 to October 26, 2022. The total amount of securities issued was Rs 75 crore and a default has occurred on this gross principal amount.
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.
