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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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Prag Bosimi Synthetics has disclosed a default on dividend payment for its Redeemable Cumulative Preference Shares, with the default occurring on March 31, 2025. The company skipped a dividend payment of Rs 6.54 crore, citing inadequate profits as the reason. These preference shares, totaling Rs 15.77 crore, were issued exclusively to the promoters in October 2016 with a 20-year tenure maturing in February 2037. The dividend rate was 1% until March 2019, rising to 8% thereafter. The company's total financial indebtedness stands at Rs 185.96 crore as of the same date. Only 2 investors (the promoters) hold these instruments.
This default reflects ongoing financial weakness at the company, as it cannot service even promoter-held preference share dividends. Existing shareholders may view this as a negative signal about the company's earnings capacity and overall financial health, though the impact is somewhat limited since the defaulted instruments are held only by promoters.