Future Enterprises (FEL) has defaulted on the payment of interest of Rs 12.75 crore on two non-convertible debentures (NCDs). The due date for payment was February 16, 2023. The debentures have a coupon rate of 9.60 per cent for both series. The Gross Principal amount on which the default has occurred is Rs 265 crore, which is Rs 106 crore for Series XVI - A and Rs 159 crore for Series XVI - B fund.
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.
