Pursuant to Regulation 30 read with Para B part A of Schedule III of the SEBI (LODR) Regulations, 2025 (Listing Regulations), we wish to inform that based on the necessary approvals already ....
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Olympic Cards Ltd has sold its property at Kannigaiper Village for a total consideration of Rs. 18.00 Crores on 5th November 2025. The proceeds will be used to clear long-overdue amounts owed to banks and financial institutions, statutory dues payable to various authorities, and long-pending dues owed to suppliers. The buyer is not a related party under the Companies Act, 2013 or SEBI LODR Regulations. The company expects this to reduce finance costs, penalties, and fines on overdue amounts, and improve its overall financial performance. Day-to-day operations will not be negatively impacted by the sale.
Positive for shareholders — the company is cleaning up its balance sheet by eliminating overdue debt, penalties, and statutory liabilities, which should reduce future finance costs and improve financial stability, though it does mean parting with a Rs. 18 Crore asset.