Disclosures by listed entities of defaults on payment of interest/ repayment of principal amount for loans including revolving facilities like cash credit from banks ....
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Olympic Cards Ltd has disclosed a default on its mortgage loan from Religare Finvest Ltd. The default occurred on March 10, 2025, with a total overdue amount of Rs 7.46 lakh (principal of Rs 5.55 lakh + interest of Rs 1.91 lakh). The original loan was Rs 5.05 crore over 120 months at 13.6% interest rate, with Rs 1.53 crore still outstanding to Religare. The company's total borrowings from banks and financial institutions stand at Rs 12.68 crore, and total financial indebtedness is Rs 26.61 crore as of March 31, 2024. While the default amount itself is small relative to total debt, it signals potential liquidity stress for the company.
This default disclosure is a negative signal for shareholders as it indicates the company is struggling to meet even small loan obligations. Even though the default amount is modest, it could lead to credit rating downgrades, further borrowing difficulties, and downward pressure on the stock price.