Explore Business Standard
PC Jeweller Ltd's board has approved issuance of over 5.17 crore equity shares to a consortium of lenders, including SBI, to settle part of its outstanding debt. In a regulatory filing on Wednesday, the company informed that the board has approved "issuance of 5,17,11,462 equity shares to the Consortium Lenders for settling part of their outstanding debts by way of preferential allotment on private placement basis". The consortium lenders will be classified under 'Non-Promoter, Public Category'. The shares will be issued at a price, which is higher than the floor price. PC Jeweller has opted for OTS (one-time settlement) for its outstanding dues with a consortium of banks. The terms and conditions of approved OTS include cash and equity components payable under the settlement, release of securities and mortgaged properties etc. In an investor presentation in late May, PC Jeweller mentioned that the withdrawal of the petition from the National Company Law Tribunal (NCLT) by SBI an