 "debt, money, loans, invest, income, mutual fund, MF, investment, bad loans, debenture,")
Future Consumer Ltd (FCL) has defaulted on the payment of Rs 51.85 crore towards principal and interest due on non-convertible debentures, a regulatory filing said on Tuesday.
The default which happened on August 15, 2022, includes an interest amount of Rs 10.73 crore and a principal Amount of Rs 41.12 crore, FCL said a regulatory filing.
"The Company has been unable to service its obligations towards payment of the amount of principal and interest due on unlisted Non-Convertible Debentures issued by the Company to CDC Emerging Markets Ltd," said FCL.
The default is on the amount issued for a sum of Rs 200 crore. This was allocated on February 15, 2018, with a coupon rate of 11.07 per cent per annum.
As of June 30, 2022, the total financial indebtedness of FCL including short-term and long-term was Rs 446.82 crore.
FCL is in the business of manufacturing, branding and distributing FMCG food and processed food products.
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It was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail under a Rs 24,713 crore deal announced in August 2020.
The deal was called off by the billionaire Mukesh Ambani-led Reliance Industries Ltd in April.
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