Future Retail misses servicing interest payment, extends the same by 30 days1 min read . Updated: 22 Jul 2021, 08:26 PM IST
- The company has proposed to make the interest payment within 30 days
Kishor Biyani owned Future Retail has missed the service of payment of interest on dollar-denominated notes. The company has proposed to make the interest payment within 30 days, it informed the exchanges in a regulatory filing. Interest on 5.60% is due on Senior Secured Notes 2025.
The company said due to the unrelenting negative impact of covid-19 and consequently restricted business operations of the company on pan India basis, the liquidity position has been affected.
A one-time resolution plan under the Reserve Bank of India's resolution framework for covid-19 related stress was implemented on 26 April 2021.
"The negative impact has caused us to miss the service of the payment of interest due on the USD Notes (listed on Singapore Stock Exchange) on 22 July 2021. However, it may be noted that the terms of issuance of the USD Notes provide for an additional period of 30 days for payment of interest from the due date, in case same could not have been paid on the original due date," the company said, adding that it is thus proposing to make payment of the interest within 30 days from the interest due date on USD Notes.
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