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 term loan from HDFC Bank Ltd. The default occurred on 18-April-2025, with a total overdue amount of Rs. 0.1517 crore (Rs. 15.17 lakh), comprising Rs. 0.1120 crore in principal and Rs. 0.0397 crore in interest. The original facility was a Rs. 15.5 crore secured term loan carrying an interest rate of 10.75% over a 120-month tenure, with HDFC Bank's total outstanding at Rs. 4.54 crore. The company's total borrowings from banks and financial institutions stand at Rs. 12.60 crore, while total financial indebtedness is Rs. 26.61 crore as of 31-March-2024. This is a mandatory disclosure under SEBI/BSE listing norms for any default by a listed entity.
This default signals cash flow stress at Olympic Cards and may affect the company's credit standing with lenders. Shareholders should view this as a negative development, though the absolute default amount is small relative to total debt of Rs. 26.61 crore. Watch for further disclosures on resolution, restructuring, or additional defaults.