FEL said it has 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 annum and was paid on half-yearly basis on 20 March and 20 September each year. Shares of FEL surged 64.90% from its 52-week low of Rs 7.55 hit on 7 April 2020. On a consolidated basis, FEL reported net loss of Rs 394.77 crore in Q4 March 2020 compared with net profit of Rs 66.58 crore in Q4 March 2019. Net sales slumped 50% to Rs 783.28 crore during the period under review. FEL is engaged in the business of multi brand retail trading. Powered by Capital Market - Live News |