FEL, which is having financial troubles, had last week also informed default on interest payment of another non-convertible debenture
Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on interest payments of Rs 15.86 crore for its non-convertible debentures.
"The delay in reporting is due to efforts being made by the company to make payment by mobilising certain funds to make payment and then submit report of having repaid with delay," FEL said
Its total expenses were at Rs 639.27 crore as against Rs 1,440.93 crore, down 55.63 per cent
All that happened in the markets today
Future would be one of the top contract manufacturers in FMCG, fashion space but with wafer-thin margin
The financial instruments of Future group have gone through multiple rating downgrades in recent months due to the delay in payments
Gets scale, massive presence, higher valuation of its retail business, and inherits the entire logistics and distribution chain
Company's board to meet today on sale of retail arms to RIL
Other Future Group companies' stock also rallied on the development, with Future Retail surging 7 per cent
A source said the board would also look at the proposal to merge three other listed entities of the Future group with FEL
The plan to merge the three Future group companies - Future Lifestyle, Future Supply Chain and Future Retail - is being worked out among banks, RIL and Future group, say sources
Once the merger is complete, Reliance Industries will be investing Rs 8,500 crore in the merged entity, resulting in the Mukesh Ambani-led conglomerate owning close to 50 per cent in it
RIL may pick up 50% in merged entity
Is there a predominant shift towards war strategy in business in India at present?
Retailing arm expected to net about Rs 2,000 cr from deal
However, consolidated total income of the company increased to Rs 1,424 crore, from Rs 1,353.31 crore in the year-ago period
Most group stocks witness steep year-to-date appreciation as rally is backed by fundamentals
Shares of Future Enterprises were trading 14.68 per cent higher at Rs 33.20 on the BSE
The firm, earlier known as Future Retail, had a profit of Rs 32 cr in the July-September quarter of previous fiscal