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 to the BSE that it has defaulted on a mortgage loan taken from Religare Finvest Ltd. The default date is April 6, 2025. The total overdue amount is about Rs 7.46 lakh, made up of Rs 5.68 lakh in principal and Rs 1.78 lakh in interest. The original loan was Rs 5.05 crore over 120 months at 13.6% interest, secured against property. The company still owes Religare Rs 1.47 crore on this facility, and its total outstanding borrowings from banks and financial institutions stand at Rs 12.55 crore as of March 31, 2025.
This is a credit-negative event for shareholders. Even though the default amount is small relative to total debt of Rs 12.55 crore, the disclosure itself signals financial stress and could lead to rating downgrades, higher borrowing costs, or further lender action. It may weigh negatively on the stock and reflects weak cash flow management at the company.