Future Consumer Ltd. had defaulted on payment towards interest amount of Rs 32.97 crore and principal amount of Rs 100 crore
New Delhi: Future Consumer Ltd (FCL) has defaulted on the payment of Rs 132.97 crore towards payment of principal and interest of Non-Convertible Debentures (NCD) issued by the company to CDC Emerging Markets.
FCL had defaulted on payment towards interest amount of Rs 32.97 crore and principal amount of Rs 100 crore, according to a regulatory filing by the FMCG arm of the debt-ridden Future Group on Friday.
“The company has been unable to service its obligations towards payment of principal and interest due on unlisted NCD issued by the company to CDC Emerging Markets Ltd,” it said.
The default happened on 15 February 2024.
Future Consumer had sought deferment for payment of principal and interest amount due towards NCDs, the filing added.
It had NCDs of Rs 200 crore for a tenure of seven years with a coupon rate of 11.07% per annum. This was applicable from the date of allotment, which is February 15, 2018.
FCL, part of the Kishore Biyani-led Future Group, is in the business of manufacturing, branding, and distributing FMCG food and processed food products.
As on 31 December 2023, the total financial indebtedness of FCL including short-term and long-term debt was at Rs 478.99 crore.
