PC Jeweller shares surged 10% after the company received approval from Punjab National Bank (PNB) for a one-time settlement of its outstanding dues.
On Sunday, PC Jeweller announced that PNB, the third-largest bank in the consortium of banks involved, approved the one-time settlement (OTS) proposal submitted by the company.
PC Jeweller opted for the OTS to resolve its outstanding dues with the consortium of banks. The approved OTS terms include cash and equity components payable under the settlement and the release of securities and mortgaged properties.
As of 9:52 AM, shares were trading 9.99% higher at Rs 56.16 on the NSE.
