PC Jeweller soared 10% to Rs 56.19 after Punjab National Bank (PNB), one of the company’s largest lenders, approved its one-time settlement proposal.
PNB is the third-largest bank amongst PC Jeweller’s consortium lenders in terms of outstanding dues. The bank’s approval paves the way for a resolution and signifies a significant step forward for the company.
The approved one-time settlement involves a combination of cash and equity components from PC Jeweller. The settlement will lead to the release of previously held securities and mortgaged properties by the bank.
PC Jeweller is one of the leading players in the gems and jewellery segment in India. It is engaged in the manufacture, retail and export of gold, diamond and studded jewellery.
On a consolidated basis, PC Jeweller reported net loss of Rs 121.64 crore in Q4 March 2024 as against net loss of Rs 302.41 crore in Q4 March 2023. Net sales declined 72.03% YoY to Rs 48.49 crore in Q4 March 2024.
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First Published: Jul 08 2024 | 3:26 PM IST
