2 days ago
PC Jeweller clears consortium bank dues, achieves debt-free status
PC Jeweller said it no longer owes money to its group of 14 banks.
The company previously had about ₹3,000 crore in debt.
In September 2024, it agreed to a one-time settlement with the banks.
The settlement included payments in cash and shares.
It also involved releasing securities and mortgaged properties.
The company made its final repayment on Friday.
PC Jeweller said becoming debt free will strengthen its financial position.
It also recently reported higher profits and income.
PC Jeweller said it has cleared all outstanding dues owed to its 14 consortium banks.
The company previously had total debt of around ₹3,000 crore.
It entered a one-time settlement with the banks in September 2024, involving cash and equity payments.
The latest repayment was made ahead of scheduled due dates under the settlement agreement.
PC Jeweller reported a 37% year-on-year rise in consolidated net profit to ₹221.88 crore for the quarter ended June.
- Who
- PC Jeweller Ltd and its consortium of 14 banks.
- What
- PC Jeweller cleared its remaining bank debt and said it has achieved debt-free status.
- Where
- The article does not specify a location for the repayment. PC Jeweller operates around 50 stores across 12 states.
- When
- The final repayment was announced on Friday; the settlement agreement was dated September 30, 2024.
- Why
- The company said the debt-free status will strengthen its balance sheet and financial position.
Key facts
- Debt cleared
- Outstanding dues of all 14 consortium banks
- Former total debt
- Around ₹3,000 crore
- Settlement method
- One-time settlement involving cash and equity components
- Settlement date
- September 30, 2024
- Latest repayment timing
- Made ahead of scheduled due dates
- Latest quarterly net profit
- ₹221.88 crore, up 37% year on year
- Store network
- Around 50 physical stores across 12 states
Sources
Related news
PC Jeweller Shares Rise as Debt Repayments Near Completion
PC Jeweller Shares Pause After Rally Amid Resistance
PC Jeweller Shares Gain as Company Becomes Debt Free
Subhash Chandra Says Borrowers Will Settle ₹4,262 Crore Claims
Subhash Chandra Says Borrowers Will Settle Rs 4,262 Crore
GIFT Nifty Falls as Key Stocks Enter Market Focus
PC Jeweller Nears 52-Week High as Analysts Eye Further Gains
