Future Enterprises (FEL) has defaulted on payment of interest on non-convertible debentures (NCDs) of Rs 1.07 crore. The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on November 16, 2022.
The debentures have a coupon rate of 9.28 per cent and FEL has defaulted on interest payments for the period from May 17, 2022, to November 15, 2022. The total amount of securities issued was Rs 23 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.
