“The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on June 20, 2022,” it said.
The Kishore Biyani-led Future group firm has defaulted on several payments in the last few months.
The latest default is on the interest of securities issued for a sum of Rs 120 crore.
FEL has defaulted on interest payment for the period between December 20, 2021, to June 19, 2022, it said.
The debentures are secured and have a coupon rate of 10.15 per cent per annum.
Earlier this month, FEL had defaulted on payment of interest of Rs 1.41 crore for its non-convertible debentures of Rs 29 crore.
In April, FEL had informed the exchanges about a default of Rs 2,835.65 crore towards its consortium of banks. Its due date was March 31, 2022.
FEL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to
Retail as part of a Rs 24,713 crore deal announced in August 2020.
The deal was called off by the billionaire Mukesh Ambani-led
in April. PTI KRH SHW SHW
For all the latest Business News Click Here