The corporation is reportedly redesigning every other part of its business operations, including cost optimisation, franchisee business upgrading, and getting ready to introduce new jewellery collections.
On Sunday, PC Jeweller Ltd announced that Punjab National Bank has approved the one-time payment of its outstanding debt.
In a regulatory permission, PC Jeweller reported that “Punjab National Bank, the third largest bank after 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 to use OTS to pay off the remaining balances owed to a group of banks.
According to the filing, the terms and circumstances of the approved OTS include the release of securities and mortgaged properties, as well as cash and equity components payable under settlement.
PC Jeweller omitted to disclose the specifics of OTS as well as the outstanding balances with all banks.
During a presentation to investors in late May, PC Jeweller stated that the withdrawal of SBI’s suit from the National Company Law Tribunal (NCLT) and the banks’ favourable review of its offer to sell (OTS) are encouraging developments.
“The company has again started focusing on increasing its brand presence and has started its marketing initiatives for the same, which is having a visible impact in the ongoing quarter,” it had stated.
As of March 31st, 2024, the company still operated a vast network of 60 showrooms (six of which were franchisee showrooms) scattered across 44 cities and 15 states in India.
“Also, the core strengths of the Company in the form of manufacturing & designing capabilities, manufacturing facilities, skilled staff, soft skills in the form of systems and procedures, customer policies, etc remain intact,” stated PC Jeweller.
According to the presentation, the company is also modernising every other facet of its business operations, including cost optimisation, franchisee business redesigning, and getting ready to introduce new jewellery collections.