Reliance Industries tops India’s most visible corporate in media ranking
Reliance is followed by State Bank of India, HDFC Bank, ICICI Bank, and Bharti Airtel followed in the top-5 list.
Future Retail has averted a default as it repaid the interest worth around $14 million (around Rs 100 crore) on its $500 million ( around 3,700 crore) foreign bonds to investors.
“In furtherance to our letter dated 22 July 2020, wherein we had informed about the grace period of 30 days for making payment of interest on above USD Notes; today we are pleased to inform that the company has made the payment of said interest for the half-year for an amount of $14 million on above USD Notes,” Future Retail said in a filing to the stock exchanges.,” the company said in a regulatory filing on Monday.
The company had earlier missed its deadline for interest payment on July 22. It had then said that due to the nationwide lockdown, and consequent restricted business operations of the company, the liquidity position has been affected causing it to miss the service of the payment of interest due on the USD Notes, listed on Singapore Stock Exchange.
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“The terms of issuance of the USO Notes provides for additional period of 30 days for payment of interest from the due date, in case the same could not have been paid on the original due date. Accordingly, we are proposing to make payment of the interest within 30 days from the interest due date on the USD Notes. We are in the process of ensuring that payment of such interest is made within this additional time period,” the company had then said in a filing.
In a July the rating agency, S&P Global Ratings had said that the company has indicated that input will make the payment with in the grace period.
“The company has indicated that it expects to make the coupon payment within the grace period by (i) improving operating cash flow through bank funding; or (ii) arranging for alternative sources of funding, including the sale of certain assets,” the rating agency had said then.
However, it was not clear how the Future Retail arranged the funds for the interest payment.
The share price of the Future Retail were trading at are 119.35,up by are 5.20 or 4.56 per cent on the BSE.
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