Future Market Networks Limited has informed the Exchange about General Updates
FMNL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 5.0 pts more than Nifty Microcap 250, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Future Market Networks Limited (FMNL) had given a corporate mortgage on its R Mall property in Mulund West as security for a INR 14,000 lakh term loan taken by Hare Krishna Operating Lease Private Limited from Hero FinCorp. The lender enforced the security by acquiring and selling the property under the SARFAESI Act. As a result, FMNL has been fully discharged from all obligations related to this mortgage, and no further amounts are payable by the company. Hero FinCorp has confirmed this in writing, and this will be the final disclosure on the matter.
This is a positive development for FMNL shareholders as it removes a contingent liability of around INR 140 crore from the company's books. The resolution also closes a long-pending overhang on the stock, though the loss of the R Mall asset means the company has parted with a key immovable property.