The company, a major textile and yarn maker, is part of Sintex group, the world’s largest maker of plastic water tanks, which is housed in another listed entity - Sintex Plastics Technology Ltd - after a demerger of Sintex Industries in 2017. According to the company’s filings with the Registrar of Companies, the investors who subscribed to the seven-year NCD at a coupon rate of 10.7% include Union bank, Axis bank, Vijaya bank and State Bank of India and another three banks. Sintex raised a total of ₹112.5 crore from these investors. Sintex’s net debt also increased to ₹5,871 crore in FY19, from ₹5,294 crore in FY18. Sintex Plastics too saw its revenue fall to ₹4,774 crore in fiscal 2019, from ₹5,607 crore in the previous year, while profit reduced to ₹94.5 crore from a profit of ₹173.6 crore in the last year.

Source: Mint June 12, 2019 14:15 UTC