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Debt-ridden Future Retail pays $14 million as interest on USD notes
Future Retail

Debt-ridden Future Retail pays $14 million as interest on USD notes

| @indiablooms | 20 Feb 2022, 01:15 am

Mumbai/IBNS: Future Retail has paid $14 million (around Rs 104.55 crore) in interest due on the dollar-denominated notes (USD Notes) listed on the Singapore Stock Exchange. 

 

The debt-ridden company had missed the payment on due date last month. However, the USD notes had a grace period of 30 days for making the payment of interest, stated a regulatory filing from Future Retail.

Future Retail runs departmental stores like Big Bazaar, Easyday and Heritage among others.

"Further, we would like to inform that on 18th February 2022 the company has made the payment of said interest for the half-year ended for an amount of USD 14 million on above USD Notes," said the Future Group firm.

Future Group had said its business had been badly hit due to Covid-19, affecting its liquidity position.

"This has caused us to miss the service of the payment of interest due on the USD Notes (listed on Singapore Stock Exchange) on 24th January 2022," Future Retail had said.

Future Retail had also defaulted on on payment of Rs 3,494.56 crore to its lenders in January.

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