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, with the default occurring on 13-May-2025. The total overdue amount is Rs. 15.17 lakh (principal of Rs. 11.29 lakh + interest of Rs. 3.88 lakh). The original term loan was for Rs. 15.5 crore over 120 months at 11.05% interest, secured, with Rs. 4.33 crore still outstanding to HDFC Bank. The company's total outstanding borrowings from banks and financial institutions stand at Rs. 12.55 crore, and total financial indebtedness is Rs. 12.82 crore as of 31-Mar-2024.
This is a negative disclosure signalling financial stress, as the company has missed both principal and interest payments. While the default amount is small relative to total debt, such defaults can trigger further lender action, affect credit ratings, and may pressure the stock negatively. Shareholders should monitor for any escalation or restructuring news.