Sintex defaults againon NCD interest payment

MUMBAI: Sintex Industries Ltd has again defaulted on its interest payment to the tune of Rs3.52 crore in respect of a Non- Convertible Debentures (NCDs) that raised Rs137.50 crore.

The coupon for this 7-year privately placed NCD issue was 10.7 per cent, according to the company document. In a filing to the stock markets on December 30, 2019, the company informed that the default affects ten investors, who have taken the private placement route to subscribe to the NCD issue.

However, the company filing added that though the default has been necessitated by a liquidity issue faced by the company, the crisis is temporary and will not affect its going concern.

On June 12, Sintex Industries had defaulted on its interest payments and principal repayments aggregating to about Rs89 crore on another non-convertible debentures (NCDs).

The Gujarat-based textiles maker had in June defaulted on a secured 7-year NCDs with a 10.7 per cent coupon. As per the shareholding as of March 31, 2019, the promoters held 28.61 per cent in Sintex Industries.

 

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