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Future Group Company led by Kishore Biyani defaulted for the fourth time in June


Future Group Company led by Kishore Biyani defaulted for the fourth time in June

Futures Businesses default to Rs 4.10 crore interest payment for NCDs

New Delhi:

The heavily indebted Future Enterprises Ltd (FEL) failed to pay the interest rate of Rs 4.10 crore on its non-convertible debts.

FEL says the payment due date is June 24, 2022.

“The Company was unable to fulfill its obligations with respect to interest on the Nonconvertible Debts due on June 24, 2022,” it said.

This is the fourth default in June of the Future group company led by Kishore Biyani. Earlier this week, FEL twice defaulted on interest payments of Rs 85.71 lakh and Rs 6.07 crore on its non-convertible debts. FEL had another default on interest payments of Rs 1.41 crore, earlier this month.

The latest debt is on the interest of securities issued in the amount of Rs 40 crore.

The FEL defaulted to interest payments between June 24, 2021 and June 23, 2022, it said.

The debt is secured and has a coupon rate of 10.25% per annum.

In April, FEL notified exchanges of a default of Rs2,835.65 against its consortium of banks. Its maturity date is March 31, 2022.

FEL is part of 19 group companies operating in the retail, wholesale, logistics and warehousing segments, which are expected to be transferred to Reliance Retail as part of a announced Rs 24,713 crore deal. published in August 2020.

The deal was canceled by Reliance Industries Ltd headed by billionaire Mukesh Ambani in April.



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