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Nitco Ltd. — Regulatory Filings 2023
Apr 28, 2023
62410_rns_2023-04-28_0f7ed06e-3718-484c-906f-803c8347f7dd.pdf
Regulatory Filings
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NITCO/SE/2023-24/008 April 28, 2023
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To,
| Corporate Service Department, BSE Limited Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Script code:532722 |
The Listing Department, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai – 400051 Script code:NITCO |
|---|---|
Sub: Disclosure in terms of SEBI circular SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21, 2019
Dear Sir/Madam,
With reference to SEBI circular SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21, 2019, please find enclosed disclosure of default on payment of interest/repayment of principal amount on loan from banks /financial institutions as on March 31, 2023 in the format prescribed under clause C1 of the said circular.
Kindly take the above information on your records.
Thanking You,
Yours faithfully,
For NITCO Limited
Digitally signed by VIVEK PRANNATH TALWAR DN: c=IN, o=Personal, title=7098, VIVEK pseudonym=886A9C4B095EBFE3D20EFE8B5537929D6B3763F1, 2.5.4.20=1ba122b609153a6d361743f9 PRANNAT a364e2289b1fe2116e39287aee98d9129baa257b, postalCode=400026, st=Maharashtra, serialNumber=487A93C67F0077B930 H TALWAR E213846F4B5034936C03CE6AC9EE1C56371AD800C03DC8, cn=VIVEK PRANNATH TALWAR Date: 2023.04.28 11:45:54 +05'30'
______
Vivek Talwar
Managing Director DIN: 00043180
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Registered Office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (East), Mumbai- 400 042. Tel.: 91-22-67302500|67521555, Fax: 91-22-25786484. CIN: L26920MH1966PLC016547. Email: [email protected], Website: www. nitco.in
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C1(a)Disclosure for loans including revolving facilities like cash credit from banks/ financial institutions:
| Sr. No. | Type of Disclosure | Details |
|---|---|---|
| 1. | Name of the Listed entity | Nitco Limited |
| 2. | Date of makingthe disclosure | April 28, 2023 |
| 3. | Nature of obligation | Term Loan |
| 4. | Name of the Lender(s) | JM Financial Asset Reconstruction Company (JMFARC) and Life Insurance Corporation of India (LIC) |
| 5. | Date of default | March 31, 2023 |
| 6. | Current default amount (break-up of principal and interest in INR crore) |
For March 31, 2023: Term Loan 200 Cr. Principal – Rs. 24 Cr. Interest – Rs. 8.13 Cr. Term Loan 300 Cr. Principal – Rs. 161.05 Cr Interest – Rs. 31.78 Cr |
| 7. | Details of the obligation (total principal amount in INR crore, tenure, interest rate, secured / unsecured etc.) |
Default as on 31st March, 2023: Term Loan 200 Cr. Total Default Principal Amt - Rs. 213.94 Cr. Interest Default Amount- Rs. 76.57 Cr. Interest Rate - 9% Tenure - 5 years Secured Loan _(Rs. 213.94 Cr. includes FITL facility of Rs. 37.94 Cr.)_ Term Loan 300 Cr. Total Default Principal Amt - Rs. 273.67 Cr. Interest Default Amount- Rs. 96.67 Cr. Interest Rate - 9% Tenure - 5 years Secured Loan L.I.C. Loan Total Default Principal Amt- Rs. 18.87 Cr. Interest Rate – 11.25% Tenure - 10 years Secured Loan |
Registered Office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (East), Mumbai- 400 042. Tel.: 91-22-67302500|67521555, Fax: 91-22-25786484. CIN: L26920MH1966PLC016547. Email: [email protected], Website: www. nitco.in
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| 8. | Total amount of outstanding borrowings from Banks / financial institutions(in INR crore) |
Rs. 679.70 Cr. |
|---|---|---|
| 9. | Total financial indebtedness of the listed entity including short-term and long-term debt(in INR crore) |
Rs. 879.70 Cr. |
(Subject to reconciliation & audit)
Note:
JM Financial Asset Reconstruction Company Limited vide its letter dated September 19, 2022, revoked the restructuring of existing facilities given under the restructuring agreement dated March 27, 2018 and has reinstated & demanded the dues amounting to Rs. 24,27,62,93,107/- and also, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) proceedings before National Company Law Tribunal (Tribunal). The petition is pending before the Hon’ble Tribunal.
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Registered Office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (East), Mumbai- 400 042. Tel.: 91-22-67302500|67521555, Fax: 91-22-25786484. CIN: L26920MH1966PLC016547. Email: [email protected], Website: www. nitco.in