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, with the default occurring on September 26, 2025. The total defaulted amount is Rs 7.46 lakh, comprising Rs 6.14 lakh in principal and Rs 1.32 lakh in interest. The original loan was Rs 5.05 crore over 120 months at 14.50% interest, with Rs 1.31 crore still outstanding to Religare. The company's total borrowings from banks and financial institutions stand at Rs 12.55 crore, while its total financial indebtedness is Rs 25.71 crore as of June 30, 2025.
This default signals financial stress and could negatively affect the company's creditworthiness, potentially leading to higher borrowing costs or asset classification as non-performing. Shareholders should monitor whether this is an isolated incident or indicative of broader liquidity issues, though the default amount is small relative to total debt.