PC Jeweller Ltd. (BSE: 534809, NSE: PCJEWELLER), one of the leading and fastest-growing jewellery retail chains in India, has announced that Bank of Baroda has conveyed its approval to the One Time Settlement (“OTS”) proposal submitted by the Company. The Company had opted for OTS to settle the outstanding dues. The terms and conditions of approved OTS include cash and equity components payable under settlement, release of securities and mortgaged properties etc.
Earlier, the company announced that its board approved raising of funds up to Rs. 2705 Cr by preferential issue of fully convertible warrants, at an issue price of Rs. 56.20 per warrant, in accordance with ICDR Regulations and other applicable laws subject to approval of Members and other necessary regulatory, statutory and other approvals, as may be applicable.
The promoter group News Track Garments Pvt Ltd, Balram Garg (HUF) and Pooja Garg are amongst proposed allotees. Further, multiple Foreign Investors such as Elara India Opportunities Fund, Capri Global Holdings Pvt Ltd., Aries Opportunities Fund, etc. are amongst proposed allotees within the non-promoter group.
PC Jeweller Ltd. embarked on its journey in 2005 with the inauguration of its first showroom in Karol Bagh, New Delhi. The company's vision was to redefine elegance, allure, and style through exquisite jewellery. Today, PC Jeweller stands as one of the fastest-growing jewellery retail chains in India, with showrooms in multiple cities across over 17 states.