Future Enterprises skids 4% on defaulting on interest payments of NCDs1 min read . Updated: 30 Sep 2020, 02:00 PM IST
- Future Enterprises on Tuesday said it has defaulted on interest payment of ₹16.11 crore for a gross principal amount of ₹332 crore
MUMBAI: Shares of retail major Future Enterprises fell 4.4% on Wednesday after the company reported a fresh default on interest payment of non-convertible debentures (NCDs).
At 0115pm, the stock traded at ₹13.15 apiece, down 2.6% from its previous close, while the benchmark Sensex was up 0.3% at 38090.67.
Future Enterprises on Tuesday said it has defaulted on interest payment of ₹16.11 crore for a gross principal amount of ₹332 crore.
"The company is unable to service its obligations in respect of the interest on non-convertible debentures due on September 27, 2020, since September 27, 2020 was holiday, interest was due on September 28, 2020," it said.
The obligation had a coupon rate of 9.60% per annum and was paid on half-yearly basis on 27 March and 27 September each year.
On a standalone basis, Future Enterprises reported net loss of ₹279.24 crore in the June quarter compared with a net loss of ₹12.82 crore in the year-ago period. Net sales slumped 93.9% to ₹66.84 crore in the June quarter.