14 Apr , 2021 By : Kanchan Joshi
Future Enterprises Ltd in a regulatory filing on Tuesday said that the company has defaulted on payment of interest on non-convertible debentures (NCDs). The company is unable to service its obligations in respect of the interest on NCDs due on April 12, 2021, it added.
Gross principal amount on which the default has occurred is ?300 crore and interest payable was Rs15,16,48,248, the company mentioned in the filing. The obligation had a coupon rate of 10.15% and was paid on half-yearly basis on October 11 and April 11, each year.
Future Enterprises develops, owns and leases retail infrastructure for the Future Group. It handles backend operations of the retail business of the Future Group.
Amazon and Future Group are locked in a legal tussle over the sale of Future Group’s retail and wholesale business to Reliance Retail. Both parties have approached several legal forums.
On August 29, 2020, Future Group had announced that its retail and wholesale business would be sold to Reliance Retail, owned by oil-to-chemical conglomerate RIL, in a Rs24,713 crore-deal.
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