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 10-May-2025 and disclosed to BSE on 30-Jun-2025. The total default amount is Rs 7.46 lakhs, comprising Rs 5.75 lakhs in principal and Rs 1.71 lakhs in interest. The original facility was Rs 5.05 crore at 14.50% interest rate over 120 months, secured, with Rs 1.41 crore still outstanding to Religare. The company is a wedding card and stationery manufacturer based in Chennai. This is a mandatory disclosure under SEBI/BSE rules requiring listed entities to report any defaults on bank/financial institution loans.
While the default amount is relatively small compared to the total facility, it signals short-term liquidity stress and could raise concerns about the company's debt servicing ability. Shareholders should watch for further disclosures, possible recovery actions from the lender, and any impact on the company's credit standing or future borrowing capacity.