New Delhi: PC Jeweller Ltd said on Thursday it has cleared its outstanding debt to one more bank under a settlement agreement dated September 30, 2024.
The company has now repaid all outstanding debt to 9 of the 14 consortium banks, with every repayment completed ahead of the scheduled due dates, it said in a regulatory filing.
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PC Jeweller has also discharged more than 96 per cent of the outstanding debt owed to the remaining five banks.
The company said it remains on track to clear the balance of less than 4 per cent owed to these banks and achieve debt-free status this month, a move it said would materially strengthen its balance sheet.
The settlement agreement, signed on Sept. 30, 2024, was a one-time settlement between PC Jeweller and a 14-bank consortium led by State Bank of India to resolve a stressed loan book that stood at nearly Rs 4,100 crore as of March 2024.
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The other consortium members are Union Bank, Punjab National Bank, Axis Bank, IndusInd Bank, Bank of India, IDBI Bank, Karur Vysya Bank, Kotak Mahindra Bank, Indian Overseas Bank, Canara Bank, Indian Bank, Bank of Baroda and IDFC First Bank.
