Please find attached duly signed intimation under Regulation 30 of the SEBI (LODR) Regulations, 2015.
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Awaiting price reaction for this filing.
Harish Textile Engineers Limited has disclosed a default on its 7% Unlisted, Secured, Unrated, Redeemable NCDs that were due for redemption on 12 May 2025. The default involves a principal of Rs. 0.6472 crore and interest of Rs. 0.0277 crore, affecting 14 NCD holders. These Series-III debentures (originally Rs. 0.7103 crore issued in August 2021, tenure already extended once in March 2025) were only partially redeemed earlier. Total debt securities issued stand at Rs. 4.232 crore across four series, with another Rs. 1.467 crore (Series IV) due for redemption on 20 December 2025. The company's total financial indebtedness is Rs. 31.75 crore. The company has called a meeting with NCD holders to resolve the issue and described the situation as a 'temporary liquidity crisis' that will not affect its going concern.
This is a credit-negative event for the company. Even though the absolute default amount (~Rs. 0.67 crore) is small, it signals liquidity stress, and the fact that the debenture tenure had already been extended in March 2025 raises concerns about repayment ability. With Series-IV (Rs. 1.47 crore) due in December 2025 and total debt of Rs. 31.75 crore, shareholders should monitor closely for further defaults or restructuring actions, which could weigh on the stock.