Future Enterprises (FEL) has defaulted on interest payment of Rs 86.18 lakh for its non-convertible debentures (NCDs). The due date for payment was December 21, 2022. The debentures have a coupon rate of 9.55 per cent per annum.
FEL has defaulted on interest payments for the period from June 21, 2022, to December 20, 2022. The total amount of securities issued was Rs 18 crore. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. In recent times, the company has defaulted on payment of interest on several non-convertible debentures.
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.
