PC Jeweller Achieves Near Debt-Free Status After Repaying Over 96 Percent of Bank Loans
PC Jeweller is set to remain a key focus in the market as the company announces major progress towards fulfilling its financial obligations. In an exchange filing, the firm confirmed that it has successfully processed and repaid a substantial portion of its outstanding bank debt. This development marks a significant step following its earlier repayment of all existing debt owed to five of the 14 consortium banks.Milestone Reached in Bank Debt Repayment
The company stated that it has now managed to repay more than 96 percent of its outstanding bank debt. This substantial reduction signals improved financial stability as PC Jeweller moves forward.Looking ahead, PC Jeweller projects that it will settle the remaining less than 4 percent of its outstanding bank debt within the current quarter. Achieving this target would grant the company a debt-free status, which is expected to bolster investor confidence.
Promoter Allotment and Equity Structure Changes
Beyond the debt repayment milestone, the company disclosed important developments regarding its share structure and promoter equity. The Board of Directors has taken action by allotting 3,05,50,000 equity shares.These newly allotted shares have a face value of Re 1 each and were designated for the promoter, Balram Garg. This allotment followed the successful conversion of an equal number of warrants. These corporate actions provide insight into the firm's ongoing capital structure management.
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