PC Jewellers hits 10% Upper Circuit After PNB Approves One-Time Settlement of Dues

PC Jewellers shares hit a 10% upper circuit on Monday’s trade at Rs 56.2 on BSE after the company received approval from Punjab National Bank for a one-time settlement of its outstanding dues.
 

Key Takeaways from PC Jewellers’ PNB approval

• PC Jewellers shares hit a 10% upper circuit on Monday’s trade at Rs 56.2 on BSE.
• The company witnessed a surge in shares on account of receiving approval from Punjab National Bank for a one-time settlement of its outstanding dues.
• The settlement involves a combination of cash and equity components from PC Jewellers leading to the release of previously held securities and mortgaged properties by the bank.
• The bank’s approval paves the way for a resolution and signifies a significant step forward for the company.

PC Jeweller informed in a regulatory approval 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 proposal submitted by the company.”

The approved one-time settlement involves a combination of cash and equity components from PC Jewellers, leading to the bank's release of previously held securities and mortgaged properties. 

The bank’s approval paves the way for a resolution and signifies a significant step forward for the company.
 

About PC Jewellers Limited

PC Jewellers Limited is India's largest fine jewels discovery platform, concentrating on providing customers with an exceptional jewellery purchasing experience. PC Jeweller attempts to give consumers the most extensive collection of selected designs for any occasion. PC Jeweller, with a youthful staff focused on innovation, customer pleasure, and transparency, meets the expanding demands of today's always-on consumers to find, explore, buy, and learn more about 

their jewellery. The company's policies include quick returns, free delivery, BIS Hallmark, 100% certified jewellery, lifetime exchange, the best and most transparent rates, and unique designs under one roof.

Read More About PC Jewellers Share Price Here!
 

About Punjab National Bank

Punjab National Bank (PNB) is India's first Swadeshi bank. It was established on April 12, 1895, in Lahore with an authorised capital of Rs 2 lakh and working capital of Rs 20,000. The bank was founded on the idea of nationalism and was the first bank controlled entirely by Indians using Indian capital. During its long history, nine banks have been merged with PNB.
 

Read More About Punjab National Bank Share Price Here!