According to rating
agency Brickwork, Hubtown, formerly Ackruti City, a leading Mumbai real estate
company, has defaulted on the repayment of interest and principal on Rs. 100
crore non-convertible debentures.
The agency Brickwork,
which was informed about the default by debenture trustee, has downgraded the
security to `BWR D (the default grade rating).
In November 2012,
Brickwork had suspended the rating of BWR BBB (minus) assigned on July 25, 2011
to this instrument of Hubtown, which is active in the slum redevelopment
market.
The rating was
suspended due to non-co-operation of the company to share information required
for review, told the Brickwork agency.
Contact - Head Office:
Hubtown Solaris
N. S. Phadke Marg, Andheri (East),
Mumbai 400069.
Tel: +91 22 67037400
Fax: +91 22 67037403, +91 22 28218230
Email: sales@hubtown.co.in
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