"About Rs 200 crore was due for repayment to two investors holding the company’s unsecured commercial paper. Of the aggregate amount, Rs 150 crore has not been paid,” the company said in a regulatory filing on Wednesday. Commercial papers are short-term debt instruments.
According to the management, the company plans to clear all its debt obligations, arising due to cash flow mismatch and a rating downgrade, through a combination of internal accruals and monetisation of assets.
On Wednesday, rating agency Brickwork Ratings downgraded the company’s Rs 50-crore non-convertible debentures, while retaining its commercial paper rating. On June 11, CARE Ratings had downgraded its rating.
On a month-on-month basis, the stock is down 61 per cent, against a marginal 0.09 per cent decline in the benchmark index.