Future Retail averts default, pays Rs 100 cr of interest on foreign bonds

Future Retail shares on Monday closed 6.62 per cent down at Rs 114. This is because one of its lenders sold the firm's pledged shares because of default

Future Retail, which is in talks with Reliance Industries (RIL) on sale, on Monday averted a default by paying Rs 100 crore of interest on its foreign bonds. 

Any legal complication due to default at this stage would have delayed the deal with RIL, a source said.

The interest was paid on the last day of the 30-day grace period granted by the bondholders of the $500-million senior secured notes. For this, the company drew on its internal accruals and borrowed from banks. A Future executive confirmed the bondholders were paid their dues.

Future Retail shares on Monday closed 6.62 per