Yet another case of an Indian firm defaulting on the foreign currency convertible bonds (FCCBs) payments. Zenith Infotech, which recently got a private equity investor in its spun off division, has defaulted on their USD 33 million FCCB payments, reports CNBC-TV18's Archana Shukla quoting sources. The stock has also taken a beating in the last few trading sessions.
According to sources, FCCB holders were payable on September 21 and now the bondholders may drag Zenith to court on the default. Meanwhile, the bondholders are questioning recent PE investment in ZenithDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
