Future consumer defaults on Rs 6.4 crore due on unlisted debt securities
Future Consumer, part of the beleaguered Future Group, said on Monday it was in default of payment of the principal amount and interest of Rs 6.4 crore owed on the unlisted debt securities.
The type of instruments included secured, callable and non-convertible debentures, and May 15 was the date of default, the company said in a regulatory update.
The total amount issued by the company through debt securities was Rs 200 crore, while the outstanding amount as of April 30 was Rs 158.9 crore.
The company’s total financial indebtedness, including short and long term, stood at Rs 537.07 crore as of March 31, 2022, it added.
Earlier on May 14, another group company Future Enterprises (FEL) said it had failed to make interest payments of Rs 8.94 lakh due on the non-convertible debentures (NCDs).
The company was unable to meet its obligations with respect to principal and interest on the NCDs due on May 13, 2022.
The interest payment was due for 178 days between November 16, 2021 and May 12, 2022, for a principal amount of Rs 2 crore, it had said in a regulatory update.
Earlier on May 10, FEL said it had failed to make payment of the Rs 2.28 crore interest owed on the MNTs.
The interest payment was due for a gross principal amount of Rs 50 crore.
Earlier, in March, FEL defaulted on interest payment of Rs 9.91 crore and earlier, in April, it defaulted on interest repayment of Rs 15.95 crore on NCDs.