“The company is unable to meet its obligations in respect of interest on non-convertible debentures due on December 19, 2022,” it said.
debentures have a coupon rate 10.15 percent per annum.
FEL has defaulted on interest payment for the period from June 20, 2022 to December 18, 2022.
The total amount of securities issued was Rs 120 crore and default has occurred on this gross principal amount.
The lenders to FEL have also appointed an auditor to conduct a forensic audit of the firm. In the recent past, the company has defaulted on payment of interest on several non-convertible debentures.
It is engaged in the business of manufacturing, trading, leasing assets and logistics services. It develops, owns and leases retail infrastructure. future Group.