Future Consumer (FCL) has failed to pay Rs 132.97 crore in principle and interest on its Non-Convertible Debentures (NCD) issued to CDC Emerging Markets. It has failed to pay Rs 32.97 crore in interest and Rs 100 crore in principal, according to a regulatory filing on Friday by the debt-ridden Future Group’s FMCG unit.
“The company has been unable to service its obligations towards payment of principal and interest due on unlisted Non-Convertible Debentures issued by the company to CDC Emerging Markets Ltd,” it said.
The default happened on 15 February 2024.
Future Consumer had sought deferment for payment of principal and interest amount due towards NCDs, the filing added.
It issued NCDs worth Rs 200 crore over seven years at an annual coupon rate of 11.07 per cent. This was effective from the day of allotment, which was 15 February 2018.
FCL, part of Kishore Biyani’s Future Group, manufactures, brands, and distributes FMCG and processed food items.
As of 31 December 2023, FCL’s total financial indebtedness, including short- and long-term debt, was Rs 478.99 crore.
