MT Educare Limited — Important, 30-12-2024: General Updates

MT Educare Limited has reported a default in the repayment of principal and interest amounts on its loans from Prudence ARC and Axis Bank. As of November 30, 2024, the total defaulted amount is ₹32.33 crore, consisting of ₹16.44 crore in principal and ₹3.75 crore in interest owed to Prudence ARC, alongside ₹7.65 crore in principal and ₹4.51 crore in interest owed to Axis Bank. The company has been in default since March 2021. The outstanding borrowings include secured term loans and overdrafts, with tenure of 2 years and varying interest rates of 11.20% to 13.75%. This situation poses a significant risk to the company's financial health, warranting close monitoring from investors.