PC Jeweller Limited has announced the successful clearance and repayment of all outstanding debt from 11 out of 14 consortium banks, with all payments completed ahead of schedule. The company has also discharged over 96% of the debt from the remaining 3 banks. This achievement aligns with its objective of becoming debt-free within the current month, significantly strengthening its balance sheet and financial position.
Significant Debt Reduction Achieved
PC Jeweller Limited has made substantial progress in its journey towards a debt-free status. In a significant development, the company has successfully cleared and repaid all outstanding debt obligations to 11 of its 14 consortium banks. This repayment was executed under the terms of a Settlement Agreement dated September 30, 2024, with respect to one additional bank, bringing the total number of fully repaid banks to eleven.
Progress Towards Debt-Free Status
All repayment tranches for these 11 banks have been completed ahead of their scheduled due dates. Furthermore, PC Jeweller has managed to discharge more than 96% of the outstanding debt owed to the remaining 3 banks. The company remains firmly on track to settle the final less than 4% of its outstanding debt within the current month, a milestone that is expected to materially strengthen its balance sheet and overall financial health.
Source: BSE
