Disclosures by listed entities of defaults on payment of interest/ repayment of principal amount for unlisted debt securities i.e. NCDs and NCRPS
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Harish Textile Engineers Limited has disclosed a default on its 7% Unlisted, Secured, Redeemable Non-Convertible Debentures (Series III), which were due for redemption on 12 May 2025. The company failed to pay ₹0.6472 crore in principal and ₹0.0277 crore in interest to 14 NCD holders. The total NCD issuance was ₹4.232 crore across four series, of which Series I and II were fully redeemed, Series III was partially redeemed, and Series IV (₹1.467 crore) is due in December 2025. The company's total financial indebtedness stands at ₹31.75 crore. Management has called it a 'temporary liquidity crisis' that will not impact going concern, and is in discussions with NCD holders to resolve the matter.
This default signals short-term cash flow stress at Harish Textile Engineers and raises concerns about its ability to meet the upcoming Series IV redemption in December 2025. Shareholders should expect negative sentiment on the stock, and the company may face higher borrowing costs or difficulty raising new debt until the default is resolved.