PC Jeweller repays debt to 9 of 14 consortium banks, targets debt-free status this month
Shares of PC Jeweller Ltd ended at ₹10.54, up by ₹0.36, or 3.54%, on the BSE.
Jewellery retailer PC Jeweller Ltd on Thursday said it has cleared and repaid all outstanding debt with one more consortium bank under the terms of its Settlement Agreement dated September 30, 2024." In line with its objective of achieving a debt-free status in the current month itself, the company has successfully cleared and repaid all its outstanding debt under the terms of the Settlement Agreement dated 30 September 2024 with respect to 1 more bank," according to a stock exchange filing.With the latest repayment, PC Jeweller has now fully repaid outstanding debt to 9 of the 14 consortium banks, with all repayments completed ahead of scheduled due dates.
The company said it has also discharged more than 96% of the outstanding debt of the remaining five banks.ALSO READ | PC Jeweller seeks ₹1,000 crore via QIP, plans authorised capital increasePC Jeweller remains on track to discharge the remaining less than 4% of outstanding debt owed to the five banks and achieve a debt-free status in the current month itself, according to the company." The company remains firmly on track to discharge the remaining less than 4% of the outstanding debt of the remaining 5 banks and achieve a debt-free status in the current month itself, which will materially strengthen its balance sheet and financial position," it added.The settlement agreement, signed on September 30, 2024, was a one-time settlement between PC Jeweller and a 14-bank consortium led by State Bank of India to resolve a stressed loan book that stood at nearly ₹4,100 crore as of March 2024.
ALSO READ | PC Jeweller’s Q1 profit jumps 37% as operating earnings nearly doubleThe other consortium members are Union Bank, Punjab National Bank, Axis Bank, IndusInd Bank, Bank of India, IDBI Bank, Karur Vysya Bank, Kotak Mahindra Bank, Indian Overseas Bank, Canara Bank, Indian Bank, Bank of Baroda and IDFC First Bank.PC Jeweller is one of the leading jewellery firms in the country. It has around 50 physical stores across 12 states.Shares of PC Jeweller Ltd ended at ₹10.54, up by ₹0.36, or 3.54%, on the BSE.