PC Jeweller Limited has informed the Exchange regarding 'Update on reduction of outstanding debt payable to banks under theJoint Settlement Agreement with Consortium Lenders'.
PCJEWELLER · price
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On the reaction day the stock moved 0.1 pts more than Nifty Microcap 250 and 1.3 pts more than its Gems Jewellery And Watches peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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PC Jeweller Limited has announced that it has successfully reduced its outstanding debt payable to banks under the Joint Settlement Agreement by approximately 14%. The company has now discharged and repaid the majority of its outstanding debt due to banks. This debt reduction was achieved through balance consideration received from the conversion of Fully Convertible Warrants into equity shares by both Promoter Group and Non-Promoter Public entities. The company states this demonstrates significant and rapid progress towards its financial goal of achieving a debt-free status in the near future.
Positive for shareholders as the company is making substantial progress in reducing its debt burden, moving towards a debt-free status, which could improve its financial health and future profitability.