Polished Deal: PC Jeweller Resolves ₹1,510 Crore Debt with 51.7 Crore Shares

PC Jeweller Ltd.'s board has approved the allotment of 51.7 crore equity shares totaling ₹1,510 crore to a group of 14 banks in a one-time settlement (OTS) of its debt. The shares, issued at ₹29.20 apiece by way of private placement, will help the company retire its financial obligation and improve...

PC Jeweller Ltd.'s board has approved the allotment of 51.7 crore equity shares totaling ₹1,510 crore to a group of 14 banks in a one-time settlement (OTS) of its debt. The shares, issued at ₹29.20 apiece by way of private placement, will help the company retire its financial obligation and improve liquidity. The lenders who form the consortium are prominent lenders such as SBI, Union Bank, PNB, and Axis Bank. This development raises PC Jeweller's paid-up equity share capital from ₹583.8 crore to ₹635.5 crore. The new shares will be on the same footing as existing equity shares. This strategic initiative follows PC Jeweller's decision to restore its brand presence and expand operations, with 55 showrooms across 15 states. Source: NDTV Profit, Moneycontrol