Future Enterprises Ltd (FEL) on Wednesday reported a net loss of ₹257.88 crore for the second quarter of FY21, as opposed to a ₹16.22 crore profit during the same period last year.
FEL also said it plans to prepay NCDs from the proceeds of a ₹25,000-crore deal that involves the sale of its retail and other businesses to Reliance Industries Ltd (RIL).
This comes even as the company has made multiple defaults on interest payments of the NCDs in the recent past due to its heavy debt status.
“As part of the overall reorganisation proposal, the company proposes to utilise the consideration to be received from Reliance entities from the slump sale of the business undertakings, to prepay the various NCDs the company has issued and one of the NCDs proposed to be prepaid is NCD-XV, viz the debentures held by debenture holders of this meeting,” it said.
On Wednesday, the company informed the exchanges that its revenue from operations for Q2 FY21 dropped to ₹117.46 crore as opposed to ₹1,323 19 the same time the previous fiscal. Its expense reduced to ₹387.87 crore (₹1,307.39 crore).
The board also passed a resolution for the cancellation of 3,80,000 stock options granted under FEL ESOPs.