The Delhi High Court has given Future Retail four weeks before enforcing an earlier order for a complete halt on the company’s asset sale deal with Reliance. The extension was given after Future group’s lawyer said the company’s petition in top court was pending and Singapore arbitration court’s ruling was also awaited after filing a plea on August 12. The next case is due to be heard by the Delhi HC on September 16. Future Retail’s bonds have dropped over 10 cents on the dollar ever since the Indian Supreme Court ruled in favor of Amazon to halt the Reliance Retail-Future Retail $3.4bn deal.
Meanwhile, Future Retail has made the coupon payment on its $500m 5.6% January 2025 bonds within the 30-day grace period as promised, according to a filing with the stock exchange late on Tuesday.
Future Retail’s 5.6% 2025s were stable at 60 cents on the dollar.
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