Gayatri Projects Ltd has decided to delay the payments of its debentures due to stress on finances and shortage of fund low.
In a regulatory filing with BSE, the Hyderabad-based company said it had issued 520 secured redeemable non-convertible debentures (NCDs) of Rs 10,00,000 each on private placement in the form of separately transferable redeemable principal parts (STRPPs) for cash at par aggregating Rs 52 crore in 2010-11.
The debentures are redeemable in the third, fourth and fifth years in the ratio of 30:30:40. The company has redeemed first tranche in December 2013 and second tranche was due on December 1, 2014.
Due to strained cash flows, the company is not in a position to redeem the second tranche of debentures on due date. The company approached the trustee and the debenture holders to revise the payment terms.
The company expects to clear the dues in a phased manner as agreed to by the debenture holders.