Shares of Future Enterprises hit 5 percent lower circuit at Rs 13.65 on BSE on September 21 after the company said it defaulted on debt repayment towards the commercial paper.
In a BSE filing on September 18, the company said it defaulted on Rs 90 crore commercial paper on September 14, 2020.
"The company is unable to service its obligations in respect of the payment of commercial paper. The delay in reporting is due to efforts being made by the company to make payment by mobilising certain funds to make payment and then submit a report of having repaid with delay," said the company.
In a separate BSE filing on September 18, the company said rating agencies lnfomerics Valuation and Ratings Private Limited and Acuite Ratings & Research Limited have downgraded the company's commercial papers.
lnfomerics Valuation and Ratings Private Limited revised ratings on the company's commercial papers to 'IVR D' from 'IVR A4'.
Acuite Ratings & Research Limited revised ratings on commercial papers to 'ACUITE D' from 'ACUITE A4'.
Shares of Future Enterprises traded 3.48 percent lower at Rs 13.85 on BSE at 11:20 hours.
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