Future Enterprises defaults on Rs 86.18 lakh interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) on Thursday said it has defaulted on interest payment of Rs 86.18 lakh for its non-convertible debentures.

The due date for payment was December 21, 2022, it said in a regulatory filing.

"The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures... due on December 21, 2022," it said.

The debentures have a coupon rate of 9.55 per cent per annum.

FEL has defaulted on interest payments for the period from June 21, 2022, to December 20, 2022.

The total amount of securities issued was Rs 18 crore.

Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. In recent times, the company has defaulted on payment of interest on several non-convertible debentures.

It is engaged in the business of manufacturing, trading, leasing of assets and logistics services. It used to develop, own and lease the retail infrastructure for the Future Group.