Pursuant to Regulation 30 read with Para B Part A of Schedule III of the SEBI (LODR) Regulations, 2015, we wish to inform that we have fully repaid and closed the following loan facility ....
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Olympic Cards Ltd has fully repaid and closed its mortgage loan facility from Religare Finvest Ltd. The original loan amount was Rs. 5.05 Crores, availed on 30 September 2015, and was fully repaid on 30 October 2025 — about 10 years later. The prepayment was made using advance funds received from a proposed buyer of the company's property located at Kannigaiper Village. The company is now in the process of obtaining the No Due Certificate and original documents from the lender. The stated reason for the prepayment is to reduce finance costs.
This is a positive development for shareholders — the company has eliminated a Rs. 5.05 Crore debt obligation ahead of schedule, which will lower its interest expenses going forward and strengthen the balance sheet. However, the repayment was funded by selling a company property, so the cash benefit is offset by the loss of a fixed asset.