PNB Approves PC Jeweller’s Debt Settlement Plan
PC Jeweller Ltd announced on Sunday that Punjab National Bank (PNB) has approved a one-time settlement (OTS) for its outstanding debts. This approval is significant as PNB is the third-largest bank in the consortium that PC Jeweller owes money to.
Details of the Settlement
The OTS plan includes both cash and equity components, along with terms for releasing securities and mortgaged properties. However, PC Jeweller has not disclosed the total outstanding amount or the specific details of the settlement.
Positive Developments
In late May, PC Jeweller shared positive updates in an investor presentation. The State Bank of India (SBI) withdrew its petition from the National Company Law Tribunal (NCLT), and the banks have favorably considered the OTS proposal.
Focus on Growth
PC Jeweller is now focusing on increasing its brand presence and has resumed marketing initiatives. The company operates 60 showrooms (including 6 franchisee showrooms) across 44 cities in 15 states in India as of March 31, 2024. It continues to leverage its strengths in manufacturing, designing, skilled staff, and customer policies.
Future Plans
The company is also working on launching new jewellery collections, revamping its franchisee business, and optimizing costs.
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