In today’s early morning session, PC Jeweller stocks reached ₹56 apiece, with a 10% upper circuit limit. This dramatic jump in shares came after the company’s announcement on Sunday that Punjab National Bank had approved a one-time settlement of its outstanding debts.
In a regulatory approval, PC Jeweller stated that “Punjab National Bank, the third largest bank after the State Bank of India amongst consortium banks of the company in terms of its exposure, has conveyed its approval to the One Time Settlement (OTS) proposal submitted by the company.”
PC Jeweller had chosen OTS to settle the outstanding dues with a group of banks. According to the filing, the terms and conditions of the approved OTS include the release of securities and mortgaged assets, as well as cash and equity components payable under the settlement.
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