Cox & Kings locked at lower circuit on payment default

Share price of Cox & Kings locked at 5 percent lower circuit as company defaulted on payment of interest on NCD due on June 30.

There were pending sell orders of 5,120,165 shares, with no buyers available.

It has touched a 52-week low of Rs 29.80.

The company has defaulted on payment of interest on unsecured redeemable non-convertible debentures (NCDs) worth of Rs 7.20 crore that matured on June 30.

The company was making all efforts to make the interest payment on time, the same could not be paid due to cash flow mis-match, the company said in a press release.

The company proposes to meet its financial obligations through a combination of internal accruals and monetisation of assets. The company is working towards plans to make good its obligations, it added.

At 0929 hours, Cox & Kings was quoting at Rs 29.80, down Rs 1.55 on the BSE.

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