Sintex defaults on NCDs interest amount, blames liquidity crisis

Sintex Industries said on Wednesday it has not been able to pay the interest amount of Rs 3.6 crore on a gross principal amount of Rs 137.5 crore for its non-convertible debentures.

Sintex Industries said on Wednesday it has not been able to pay the interest amount of Rs 3.6 crore on a gross principal amount of Rs 137.5 crore for its non-convertible debentures. The total financial indebtedness of the company including short-term and long-term debt was Rs 7,539.42 crore on September 30.

"The present liquidity crisis is temporary and will not affect its going concern," said Sintex in regulatory filings at stock exchanges. On BSE Ltd, the company's stock closed 1.93 per cent lower at Rs 4.06 per unit.

Sintex' core business spans across two segments: textiles and yarns. It is an established player in high-value structured fabrics and India's largest producer of corduroy fabrics. (ANI)