Future Retail slips as Fitch downgrades its long-term issuer default rating to `restricted default`
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Future Retail is currently trading at Rs. 50.80, down by 0.35 points or 0.68% from its previous closing of Rs. 51.15 on the BSE.
The scrip opened at Rs. 51.85 and has touched a high and low of Rs. 51.95 and Rs. 49.70 respectively. So far 266077 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 168.00 on 01-Sep-2020 and a 52 week low of Rs. 40.60 on 01-Apr-2021.
Last one week high and low of the scrip stood at Rs. 56.55 and Rs. 49.10 respectively. The current market cap of the company is Rs. 2752.09 crore.
The promoters holding in the company stood at 20.56%, while Institutions and Non-Institutions held 8.68% and 70.76% respectively.
Credit rating agency -- Fitch Ratings has downgraded Future Retail’s long-term issuer default rating to ‘restricted default’ from ‘distressed’ following the company's announcement that it has completed restructuring of bulk of its onshore debt. The rating agency views the move as a distressed debt exchange (DDE). At the same time, it affirmed the rating on the company’s USD500 million 5.6 per cent senior secured notes due 2025 at ‘distressed’ with a recovery rating of ‘RR5’.
Future Retail offers food and grocery categories, fresh fruits and vegetables, meat and poultry, dairy products, staples, FMCG and processed foods, electronics and appliances, clothing and footwear, furniture and furnishing, and other household articles.
