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Kishore Biyani-led Future Group firm defaults for the fourth time in June



Future Enterprises defaults on interest payment of Rs 4.10 cr for NCDs

New Delhi:

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on interest payment of Rs 4.10 crore for its non-convertible debentures.

The payment due date was June 24, 2022, FEL said in a regulatory filing.

“The company is unable to meet its obligations in respect of interest on non-convertible debentures as on June 24, 2022,” it said.

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

The fresh default is on interest on securities issued for an amount of Rs 40 crore.

FEL has defaulted on payment of interest for the period between June 24, 2021 to June 23, 2022.

The debentures are secured and have a coupon rate of 10.25 per cent per annum.

In April, FEL had informed the exchanges about the default of Rs 2,835.65 crore in the consortium of banks. Its due date was 31 March 2022.

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

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