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Future Consumer defaults on Rs 6.4 crore due on unlisted debt securities

The type of instruments included secured, redeemable and non-convertible debentures, and May 15 was the date of the default, the company said in a regulatory update.

The company’s total amount issued through debt securities was at `200 crore, while the outstanding as of April 30 was at Rs 158.9 crore.
The company’s total amount issued through debt securities was at `200 crore, while the outstanding as of April 30 was at Rs 158.9 crore.

Future Consumer, a part of the beleaguered Future Group, on Monday said it defaulted on payment of principal and interest amount of Rs 6.4 crore due on unlisted debt securities.

The type of instruments included secured, redeemable and non-convertible debentures, and May 15 was the date of the default, the company said in a regulatory update.

The company’s total amount issued through debt securities was at `200 crore, while the outstanding as of April 30 was at Rs 158.9 crore.

The total financial indebtedness of the company, including short-term 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 failed to make an interest payment of Rs 8.94 lakh due on non-convertible debentures (NCDs).

The company was unable to service its obligations in respect of the principal and interest on 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.

Previously on May 10, FEL said it had failed to make interest payment of Rs 2.28 crore due on NCDs.

The interest payment was due for a gross principal amount of Rs 50 crore.

Prior to this in March, FEL defaulted on the payment of Rs 9.91 crore interest and previously in April it had defaulted on interest repayment of Rs 15.95 crore on NCDs.

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