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Future Enterprises share hits lower circuit of 5% after firm defaults on debt repayment

Future Enterprises share hit lower circuit of 5% to Rs 12.35 against previous close of Rs 13 on BSE

twitter-logoBusinessToday.In | September 23, 2020 | Updated 12:36 IST
Future Enterprises share hits lower circuit of 5% after firm defaults on debt repayment
Future Enterprises share trades lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Share price of Future Enterprises fell 5% today after the firm said it defaulted on interest payments of Rs 15.86 crore for its non-convertible debentures. Future Enterprises share hit lower circuit of 5% to Rs 12.35 against previous close of Rs 13 on BSE.

The stock has lost 13.59% in the last 3 days.

Future Enterprises share trades lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has fallen 44.27% in one year and lost 43% since the beginning of this year. In a month, the share is down 30%.

Total 6.93 lakh shares changed hands amounting to turnover of Rs 86.69 crore on BSE.

Market cap of the firm fell to Rs 610 crore. The company said it defaulted on interest payment of Rs 15.86 crore for a gross principal amount of Rs 327 crore.

"The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures due on September 20, 2020, since September 20, 2020 was holiday, interest was due on September 21, 2020," FEL said.

The obligation had a coupon rate of 9.60 per cent per annum and was paid on half-yearly basis on March 20 and September 20 each year.

Last week too, the Kishore Biyani-led Future Group firm said it defaulted on payment of commercial paper of Rs 90 crore. On August 20, it had defaulted on interest payment of non-convertible debentures (NCDs) worth a total of Rs 265 crore.

FEL develops, owns and leases retail infrastructure for the Future Group.

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