Future Retail Ltd (FRL) has paid interest on the dollar-denominated notes (USD Notes) listed on the Singapore Stock Exchange in the amount of USD 14 million (about Rs 104.55 crore), the debt-ridden company announced on Friday.
“Further, we would like to notify you that on February 18th, 2022, the company paid said interest for the half-year ended in the sum of USD 14 million on aforesaid USD Notes,” the Future Group firm stated. The Senior Secured Notes bore a 5.60 percent interest rate and were due in 2025.
The company, which owns and operates chains such as Big Bazaar, Easy-day, and Heritage, said on January 24 that it owed interest on the USD Notes because its liquidity situation had been harmed by the COVID-19’s prolonged impact on its business operations.
It had said that it will make the payment within the 30-day bond payment grace period. In January, the Kishore Biyani company missed a payment of Rs 3,494.56 crore to its lenders.
Earlier, the company is in a legal battle with e-commerce giant Amazon over the founders’ and Future group’s sale of retail, wholesale, logistics, and warehousing assets to Reliance Retail for Rs 24,713 crore. The company’s board of directors approved the merger of FRL and other group entities with Future Enterprises Limited in August 2020 to facilitate the 24.713 crore acquisition.
Amazon, on the other hand, is opposing the deal through its 49 percent ownership in Future Coupons Pvt Ltd (FCPL), a Future Retail shareholder. The Delhi High Court, the Supreme Court, and the Singapore International Arbitration Centre are currently hearing the case (SIAC).
Reliance Retail Ventures has delayed the deadline for completing its Rs 24,713 crore acquisition with Future Group to March 31, 2022, for the second time, citing regulatory and court approvals.
