FCL Defaults Loan Worth Rs 369.59 Mn In July-September Quarter
According to regulatory notification, the default amount for unlisted debt securities such non-convertible debentures and non-convertible redeemable preferrential shares for the quarter is Rs 115.64 crore
Future Consumer (FCL) failed to pay the principle and interest totaling Rs 369.59 crore due loans from banks, financial institutions, and unlisted debt securities in the September quarter, according to a statement on Thursday.
FCL defaulted on loans and revolving facilities including cash credit totaling Rs 253.95 crore as of September 30. According to regulatory notification, the default amount for unlisted debt securities such non-convertible debentures and non-convertible redeemable preferrential shares for the quarter is Rs 115.64 crore.
The total financial obligations of FCL, comprising both short- and long-term debts, amount to Rs 468.12 crore. The report further stated that this includes debt of Rs 201.32 crore from NCDs and NCRPS and Rs 266.80 crore from banks and commercial institutions.
”FCL is planning/working for asset monetization and debt reduction over the period in this year,” FCL added.
FCL, a subsidiary of the Kishore Biyani-led Future Group, manufactures, markets, and distributes FMCG foods and processed foods. It belonged to the 19 group companies that operate in the retail, wholesale, logistics, and warehousing sectors and were planned to be transferred to Reliance Retail as part of a deal worth Rs 24,713 crores that was announced in August 2020 but was abandoned in April 2022. (PTI)