Future Enterprises defaults on ₹2,911.51 Cr loan repayment to lenders

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Mumbai-based Future Enterprises defaulted on loans amounting to 2,911.51 crores to consortium banks and lenders.

According to the regulatory filing, Future Enterprises was required to pay Loans of 2,911.51 crores to various banking syndicates and lenders between March 23, 2022 and March 31, 2022.

The company was unable to repay the mentioned loan amount within the 30-day review period.

Future Enterprises said: “We would like to advise that the company has been unable to meet the above obligations to banks/lenders during the 30 day review period as the company has not has not been able to complete the monetization of the specified investments as provided for in the OTR Plan (as defined in said Agreement), on the Maturity Dates.”

Data provided by Future Enterprises showed that its total financial indebtedness, including short-term and long-term debt, stood at 6778.29 crores as of April 22, 2022.

The lending banks were Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Bank of Maharashtra, Central Bank of India, Canbank Factors, CSB Bank, DBS Bank, Dhanlaxmi Bank, HDFC Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, SBI Global Factors, State Bank of India, South Indian Bank and Union Bank of India.

Future Group faced a setback in its plan of arrangement with Reliance Industries – which canceled the mega Agreement to acquire 24,713 crore of Kishore Biyani-backed retail, logistics and warehouse assets – after Future Retail’s secured creditors voted against the scheme.

On Friday, Future Enterprises shares ended at 6.28 crore down 4.12% on BSE.

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