Future Enterprises defaults on ₹86.18 lakh interest payment for non-convertible debentures


Future Enterprises on Thursday announced defaulting on interest payments over 86.18 lakh on non-convertible debentures (NCDs). These debentures are secured and allotted on December 21, 2016, and will mature on December 21, 2023. The company’s stock witnessed sharp selling pressure tracking a broader bearish market.

As per the regulatory filing, the company defaulted on payment of interest on rated, listed, secured, redeemable, non-convertible debentures in series XV-H. There are four investors in this security. These debentures have a gross principal amount of 18 crore.

The coupon rate on this NCD is set at 9.55% per annum and is said to be paid on a half-yearly basis in June and December each year in the tenure period.

The default on interest payment was to the tune of 86,18,548 on December 21st. The period for which the interest was due in 183 days from June 21st, 2022 to December 21st of this year.

On BSE, Future Enterprises shares closed at 1.65 apiece down by 5.17% from the previous closing of 1.74 apiece. The company’s market cap is around 75.06 crore.

On Wednesday, Future Enterprises defaulted over 13.87 crore interest payment on NCDs issued under series XIX – A and XIX – B. The period for which the interest is due for 365 days from December 20, 2021, to December 19, 2022. The NCDs were worth 150 crore and have a coupon rate of 9.25% per annum. These NCDs will mature on March 31, 2025.

Future Enterprises develops, owns, and leases the retail infrastructure for the Group. The company also holds the Group’s investments in subsidiaries and joint ventures including insurance, textile manufacturing, supply chain, and logistics.

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