PC Jeweller stock locked in 10% upper circuit after PNB greenlights one time settlement proposal

The One Time Settlement (OTS) terms include both cash and equity components, along with provisions for the release of securities and mortgaged properties held by the banks.

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26 Aug, 2025 12:21

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Shares of PC Jeweller were locked in 10 percent upper circuit after the company informed stock exchanges on July 7 that it has received approval from Punjab National Bank (PNB) for its One Time Settlement (OTS) proposal. Punjab National Bank (PNB), one of the principal lenders in the consortium supporting PC Jewellers, communicated its approval through a letter dated July 6.

PC Jeweller shares have fallen over 5 percent in the past six months, underperforming the Nifty 50, which has gained over 13 percent during the same period.

The financially troubled jewellery firm announced that the One Time Settlement (OTS) terms include both cash and equity components, along with provisions for the release of securities and mortgaged properties held by the banks.

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This development comes over three months after the State Bank of India (SBI), the nation's largest lender, accepted the OTS proposal from PC Jewellers.

PC Jewellers' financial difficulties began in February 2023 when banks decided to recall loans amounting to Rs 3,466 crore following the company's loan default disclosures.

According to the company's 2021-22 annual report, it had taken loans from 14 banks, including SBI, Indian Bank, Union Bank, and Punjab National Bank.

The major lenders include SBI with an outstanding amount of Rs 1,060 crore, Union Bank of India with Rs 530 crore, Punjab National Bank with Rs 478 crore, and Indian Bank with Rs 226 crore.

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