PC Jeweller Limited has announced the successful clearance and repayment of its outstanding debt to one additional bank, bringing the total number of consortium banks whose debt has been fully repaid to 10 out of 14. The company has now discharged more than 96% of the outstanding debt from the remaining 4 banks and is on track to achieve a completely debt-free status within the current month, strengthening its financial position.
Significant Debt Reduction Achieved
PC Jeweller Limited has made substantial progress in its objective to achieve a debt-free status by successfully clearing and repaying its outstanding debt to an additional bank. This marks a significant milestone in the company’s financial deleveraging efforts. With this repayment, the company has now settled its dues with 10 out of the 14 consortium banks, with all these repayments completed ahead of their scheduled due dates.
Progress Towards Debt-Free Status
The company further disclosed that it has discharged more than 96% of the outstanding debt owed to the remaining 4 banks. PC Jeweller remains firmly on track to fully discharge the minimal remaining debt, which constitutes less than 4% of the outstanding amount from these banks, within the current month. This strategic move is expected to materially strengthen the company’s balance sheet and overall financial position.
Source: BSE
