PC Jeweller Ltd has announced another milestone in its debt reduction journey, informing stock exchanges that it has successfully repaid and cleared all outstanding dues owed to one more consortium bank under the terms of its Settlement Agreement dated September 30, 2024.

With this latest repayment, the jewellery retailer has now fully settled the outstanding debt of four out of its fourteen consortium banks, reinforcing its commitment to becoming debt-free during the current quarter.

In its regulatory filing, the company stated that the repayment was completed ahead of the scheduled due date, highlighting its improving financial position and strengthening balance sheet. Notably, the outstanding dues of all four banks that have been settled so far were prepaid well before their respective repayment deadlines.

The development forms part of PC Jeweller’s ongoing efforts to reduce leverage after entering into settlement agreements with its lending consortium. Earlier, the company had informed investors about its objective of achieving a debt-free status within the current quarter, and the latest repayment marks further progress towards that goal.

The company said it remains focused on honouring its financial commitments while continuing to improve operational performance.

Investors are likely to view the latest update positively, as accelerated debt repayment could enhance the company’s financial flexibility, reduce interest costs, and strengthen overall investor confidence.

PC Jeweller has been taking several strategic initiatives in recent months to streamline its financial position, and the latest announcement underscores its continued focus on restoring financial stability and creating long-term value for shareholders.