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PC Jeweller becomes debt-free after clearing dues of all 14 consortium banks

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PC Jeweller becomes debt-free after clearing dues of all 14 consortium banks

PC Jeweller becomes debt-free after clearing dues of all 14 consortium banks

PC Jeweller Ltd has successfully cleared its dues with 14 consortium banks, becoming completely debt-free. The company’s total debt was approximately Rs 3,000 crore before the settlement agreement. In September 2024, PC Jeweller opted for a one-time settlement to address its outstanding dues. Following the latest repayment, the company has materially strengthened its financial position and balance sheet.

New Delhi: PC Jeweller Ltd on Friday said it has become debt free having cleared dues of all 14 consortium banks . The company had a total debt of around Rs 3,000 crore. In September 2024, PC Jeweller had opted for OTS ( one-time settlement ) for its outstanding dues with a consortium of banks. The terms and conditions of approved OTS included cash and equity components payable under the settlement, release of securities and mortgaged properties etc. In a regulatory filing, PC Jeweller informed that the company has "successfully discharged the remaining outstanding debt of the banks and has achieved its financial objective of a debt-free status". Advt

With the latest repayment on Friday, the company said it has discharged the outstanding debt of all the 14 consortium banks under the terms of Settlement Agreement dated September 30, 2024. It has made repayments ahead of scheduled due dates. "The accomplishment of a debt-free status will materially strengthen the company's balance sheet and financial position ," PC Jeweller said. 88 crore for the quarter ended June on better revenue. 93 crore in the year-ago period.


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