Future Enterprises (FEL), part of the beleaguered Future Group, on Wednesday said it defaulted on interest payment of Rs 1.06 crore due on non-convertible debentures (NCDs).
The company was unable to service its obligations in respect of interest on NCDs due on May 17. The interest payment was due for 182 days between November 16, 2021, and May 16, 2022, for a principal amount of Rs 23 crore, it said in a regulatory update.
Earlier on Monday, Future Consumer, another Future Group company, said it defaulted on payment of principal and interest amount of Rs 6.4 crore due on unlisted debt securities. The type of instruments included secured, redeemable and non-convertible debentures, and May 15 was the date of the default.
Earlier on May 14, FEL said it failed to make an interest payment of Rs 8.94 lakh due on non-convertible debentures (NCDs). Previously on May 10, FEL said it had failed to make interest payment of Rs 2.28 crore due on NCDs. The interest payment was due for a gross principal amount of Rs 50 crore. Prior to this in March, FEL defaulted on the payment of Rs 9.91 crore interest and previously in April it had defaulted on interest repayment of Rs 15.95 crore on NCDs. Financial Express