Home / Companies / News /  Future Enterprises defaults on 15.73 cr interest dues on non-convertible debentures

Kishore Biyani's Future Enterprises announced defaulting on over 15.73 crore interest dues on non-convertible debentures (NCDs). The due date for payment of interest on NCDs was September 20, 2022. These debentures are secured and in two series. On Wednesday, the company's shares witnessed upside despite broader bearish markets.

As per the regulatory filing, Future Enterprises defaulted on interest dues of more than 15.73 crore for period from March 21, 2022 to September 19, 2022. This period is 183 days. 

The interest was due on Rated, Listed, Secured, Redeemable, Non-Convertible Debentures in series XVI-C and series XVI-D. There are four investors in both series as on the date of default.

In terms of tenure of the security, the interest obligation commenced from the deemed date of Allotment i.e., September20, 2017. NCDs in series XVI-C is set to expire on March 31, 2023, while series XVI - D will expire on March 19, 2025. The interest obligation is also going to end on the expiry date of these series.

Both the series have 9.60% coupon rate per annum. The payment of interest is half-yearly basis in March and September each year for both the series of the security.

The total amount of securities issued is 352 crore -- of which --- 140.60 crore is of series XVI-C, and 211.40 crore is of series XVI-D. While the gross principal amount on which Future Enterprises defaulted is 327 crore --- of which 130.60 crore is for series XVI-C and 196.40 crore for series XVI-D.

In another development today, Future Enterprises announced receiving approval for extension for holding Annual General Meeting (AGM) by three months. Earlier, the AGM was supposed to be held on September 21, however, now the company is granted extension. AGM will be held on or before December 31, 2022.

On BSE, Future Enterprises shares closed at 1.85 apiece up by 1.09%. The company has a market cap of 84.16 crore.

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

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout