Tiles maker Nitco Ltd on Monday said it has defaulted on the payment of interest and principal amount of two term loans totalling Rs 500 crore.
Nitco had taken terms loan from JMFARC, DBS Bank and LIC, it said in a regulatory filing.
The company has defaulted in payment of Rs 23.28 crore as principal and Rs 7.07 crore as interest on a term loan of Rs 200 crore for the quarter ended March 31, 2021.
For the term loan of Rs 300 crore, the company has defaulted on principal payment of Rs 15 crore and Rs 5.73 crore as interest for the said quarter.
The company had taken a secured loan with an interest rate of 9 per cent for a tenure of 5 years, it added.
Nitco's total outstanding borrowings from banks / financial institutions stand at Rs 555.26 crore.
The total financial indebtedness of the company, including short-term and long-term debt, is Rs 755.26 crore.