Future Enterprises (FEL), part of the embattled Future Group, said on Tuesday it had failed to pay the Rs 2.28 crore interest owed on the non-convertible debentures (NCDs).
The company was unable to meet its principal and interest obligations on the NTMs due May 9, 2022. Interest payment was due for 181 days between November 9, 2021 and May 8, 2022, for a gross principal amount of Rs 50 crore, it said in a regulatory update.
Earlier in March, FEL defaulted on interest payments of Rs 9.91 crore for a period of 367 days (from March 12, 2021 to March 13, 2022). Later in April, the company defaulted on interest repayment of Rs 15.95 crore on MNT.
FEL develops, owns and leases retail infrastructure and also manages the backend operations of Future Group’s retail business.
In December 2020, FEL revealed that it planned to use the consideration it would receive from the Rs 24,713 crore deal with Reliance Industries for prepayment of NCDs. The Future Group had previously entered into an agreement with RIL to sell its retail, wholesale, logistics and warehousing units to RIL, which was later canceled after the group failed to obtain shareholder approval. and lenders.