By Shishir Prashant 
PrashantNews
Jewellery retailer PC Jeweller Ltd is on track to become debt-free this month, with the company announcing that it has cleared all outstanding debt owed to one more bank under the terms of its Settlement Agreement dated September 30, 2024.
With the latest repayment, the company has now fully repaid its outstanding debt to nine of the 14 consortium banks, with all repayments completed ahead of their scheduled due dates, according to a recent filing with the BSE.
PC Jeweller said it has also discharged more than 96 per cent of its outstanding debt owed to the remaining five banks.
The company said it remains firmly on track to repay the remaining less than 4 per cent of its outstanding debt to these five lenders and achieve a debt-free status within the current month.
“Achieving a debt-free status will materially strengthen the company’s balance sheet and financial position,” PC Jeweller said in the filing.
The development marks a significant step in the jewellery retailer’s efforts to reduce its financial liabilities and strengthen its balance sheet. The company had entered into the settlement agreement with its lenders in September 2024 as part of its debt resolution process.
With the bulk of its consortium-bank debt already cleared, the company expects the completion of the remaining repayments to pave the way for a substantially stronger financial position. The company’s share which was hovering around Rs 13.50 (up 13.45 %) in the noon, has rallied more than 30 percent in one month.