PC Jeweller Ltd Secures PNB's Approval for One-Time Settlement of Dues

PC Jeweller Ltd announced that Punjab National Bank has approved its One-Time Settlement proposal for outstanding dues. This regulatory nod is seen as a positive step towards stabilizing the company's financial health and enhancing its market presence. The terms include cash and equity components, but detailed figures were not disclosed.

PC Jeweller Ltd has received the green light from Punjab National Bank (PNB) for a one-time settlement (OTS) of its outstanding debts. PNB, the third largest bank in the consortium after State Bank of India, conveyed its approval of the OTS proposal submitted by the company.

The settlement terms involve a mix of cash and equity, as well as the release of securities and mortgaged properties. While the exact details of the outstanding dues were not disclosed, the approval is a significant move for the jeweler chain.

In a recent investor presentation, PC Jeweller noted the favorable developments including the withdrawal of a National Company Law Tribunal petition by SBI and support for its OTS proposal. The company has started to focus on brand visibility and marketing, maintaining its network of 60 showrooms across India. PC Jeweller is also revamping its business operations and preparing to launch new collections.

(With inputs from agencies.)