Uploading the Company''s letter dated March 17, 2022 under regulation 54)2) for the Quarter ended December, 2021
KESORAMIND · price
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Kesoram Industries is uploading to BSE a letter originally dated March 17, 2022, which it had missed filing earlier under Regulation 54(2) of SEBI LODR for the quarter ended December 31, 2021. The disclosure covers security details of its Secured Non-Convertible Debentures, which were outstanding at ₹1,457.15 Crores, secured by a first pari passu charge on fixed, movable and intangible assets, along with a pledge of promoter shares, a Non-Disposal Undertaking, and a promoter guarantee. The asset cover on the NCDs was 1.71 times the principal amount. The company had paid a fine of ₹36,580 for this non-compliance and is now submitting the letter at BSE's request, but has stated it is not agreeable to any further fines in the matter.
This is an old, delayed compliance filing with no new business or financial impact for current shareholders. The fine paid is negligible relative to the company's size and there is no change to the underlying debt position being reported.