PCJ to remain in focus as firm gives update on clearance of outstanding debt

Reports coming in for today mention that PC Jeweller will stay in focus in Thursday's market session after the firm stated it has received No Objection cum No Dues cum Release Letters from all 14 consortium banks following repayment of its outstanding debt.

In an exchange filing on Wednesday, the firm stated the last of the letters was received on Wednesday.

The development comes after the firm on September 25 stated it had become debt-free after clearing dues of all 14 consortium banks. The firm had a total debt of around Rs 3,000 crore.

In September 2024, PC Jeweller had opted for a one-time settlement (OTS) for its outstanding dues with a consortium of banks.

The firm stated it had "successfully discharged the remaining outstanding debt of the banks and has achieved its financial objective of a debt-free status".

With the latest repayment, the firm stated it has discharged the outstanding debt of all 14 consortium banks under the terms of the Settlement Agreement dated September 30, 2024.

The firm stated it made the repayments ahead of the scheduled due dates.

"The accomplishment of a debt-free status will materially strengthen the firm's balance sheet and financial position," PC Jeweller stated.