Kishore Biyani’s Future Retail says missed payment of interest due on 2025, due to Covid-19

Kishor Biyani owned Future Retail has missed the service of payment of interest on dollar-denominated notes.

The company in an exchange filing informed that it has proposed to make the interest payment within 30 days.

The company said due to the covid-19-induced negative impact and consequently restricted business operations on the pan India basis, the liquidity position of the company has been affected.

A one-time resolution plan under the Reserve Bank of India's resolution framework for covid-19 related stress was implemented on 26 April 2021.

"The negative impact has caused us to miss the service of the payment of interest due on the USD Notes (listed on Singapore Stock Exchange) on 22 July 2021. However, it may be noted that the terms of issuance of the USD Notes provide for an additional period of 30 days for payment of interest from the due date, in case same could not have been paid on the original due date," the company said, adding that it is thus proposing to make payment of the interest within 30 days from the interest due date on USD Notes.

(With inputs from Agencies)