Debt-ridden Future Enterprises Ltd (FEL) reported that it has missed two interest payments totaling Rs12.68 crore on non-convertible debentures. The payment was expected to be made by August 17, 2022, according to FEL’s regulatory filing.
According to a statement released on Thursday, “the company is unable to fulfill its obligations in respect of the interest on Non-Convertible Debentures (NCDs) due on August 17, 2022.” The secured debentures have a coupon rate of 9.60% annually. It stated that the interest was due from February 16 until August 17, 2022.
Securities worth Rs 106 crore and Rs 159 crore totaling Rs 265 crore were issued. The National Company Law Tribunal has received a petition from an operating creditor of the company seeking to begin insolvency proceedings against the company, FEL told exchanges earlier this week. In the past three months, the Future group company has failed to pay the interest on a number of NCDs.
FEL was one of 19 Future group firms that were to be transferred to Reliance Retail as part of a deal for Rs 24,713 crore that was announced in August 2020. These companies operate in the retail, wholesale, logistics, and warehousing sectors. Reliance Industries Ltd., which is run by billionaire Mukesh Ambani, canceled the transaction in April.
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