Future Client defaults on Rs 51.85 crore fee
New Delhi:
Future Client Ltd (FCL) has defaulted on the fee of Rs 51.85 crore in the direction of principal and curiosity due on non-convertible debentures, a regulatory submitting mentioned on Tuesday.
The default which occurred on August 15, 2022, contains an curiosity quantity of Rs 10.73 crore and a principal Quantity of Rs 41.12 crore, FCL mentioned a regulatory submitting.
“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,” mentioned FCL.
The default is on the quantity issued for a sum of Rs 200 crore. This was allotted on February 15, 2018, with a coupon charge of 11.07 per cent each year.
As of June 30, 2022, the whole monetary indebtedness of FCL together with short-term and long-term was Rs 446.82 crore.
FCL is within the enterprise of producing, branding and distributing FMCG meals and processed meals merchandise.
It was a part of the 19 group corporations working in retail, wholesale, logistics and warehousing segments, which had been imagined to be transferred to Reliance Retail beneath a Rs 24,713 crore deal introduced in August 2020.
The deal was referred to as off by the billionaire Mukesh Ambani-led Reliance Industries Ltd in April.
