PC Jeweller has announced a significant reduction in its outstanding debt, achieving a 14% decrease under the Joint Settlement Agreement with consortium lenders. This development aligns with the company’s strategic objective of attaining a debt-free status.
The reduction was facilitated through the conversion of Fully Convertible Warrants into equity shares, involving both the Promoter Group and Non-Promoter, Public entities. This move underscores the company’s commitment to swiftly addressing its financial obligations and moving towards a debt-free future.
The company has now discharged and repaid the majority of its outstanding debt due to banks, marking a substantial step forward in its financial restructuring efforts.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).