Tijaria Polypipes Limited has informed the Exchange about General Updates
TIJARIA · price
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Awaiting price reaction for this filing.
Tijaria Polypipes has sent a One Time Settlement proposal to Bank of India to close out all outstanding loan liabilities across multiple accounts. The company is offering Rs. 38 crore as full and final settlement, of which Rs. 12 crore has already been deposited (Rs. 7 crore in Sept 2024 and Rs. 5 crore in Feb 2025), leaving a net balance of Rs. 26 crore. The remaining amount would be paid as Rs. 2.60 crore upfront and Rs. 23.40 crore in three equal monthly installments within 90 days of approval. The company cited that its Sitapura plant and machinery have been non-operational for over four years, making the assets largely obsolete, and that Rs. 10.11 crore of the dues are covered under the GECL 2.0 government guarantee scheme. The company has also asked for a waiver on Rs. 9.52 crore of Funded Interest Term Loans (FITL), which represent capitalized interest during the shutdown period.
This is a negative signal for shareholders as it confirms the company is in severe financial stress, with a non-operational plant for over 4 years and the need to settle bank dues at a potentially steep discount. If the OTS is approved, it could provide some closure on the debt overhang, but the willingness to pay only Rs. 38 crore against total dues suggests significant haircuts for the bank. The stock may see continued pressure due to doubts about the company's operational revival and going-concern concerns.