HomeBusinessKishore Biyani-Led Future Group Agency Defaults For The Fourth Time In June

Kishore Biyani-Led Future Group Agency Defaults For The Fourth Time In June


Future Enterprises defaults on 4.10 crore curiosity cost for NCDs

New Delhi:

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

The due date for cost was June 24, 2022, FEL stated in a regulatory submitting.

“The Firm is unable to service its obligations in respect of the curiosity on Non-Convertible Debentures was due on June 24, 2022,” stated.

That is the fourth default in June by the Kishore Biyani-led Future group agency.  Earlier this week, FEL defaulted twice on curiosity funds of 85.71 lakh and Rs 6.07 crore for its non-convertible debentures. FEL had made one other default on the cost of curiosity of Rs 1.41 crore, earlier this month.

The most recent default is on the curiosity of securities issued for a sum of 40 crore.

FEL has defaulted on curiosity cost for the interval between June 24, 2021, to June 23, 2022, stated.

The debentures are secured and have a coupon charge of 10.25 per cent every year.

In April, FEL had knowledgeable the exchanges a couple of default of 2,835.65 crore in direction of its consortium of banks. Its due date was 31, 2022.

FEL was part of the 19 group firms working in retail, wholesale, logistics and warehousing segments, which had been imagined to be transferred to Reliance Retail as a part of a 24,713 crore deal introduced in 2020.

The deal was referred to as off by the billionaire Mukesh Ambani-led Reliance Industries Ltd in April. 

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