“The company has again started focusing on increasing its brand presence and marketing initiatives for the same, which is having a visible impact in the current quarter,” it said.

PC Jeweler has informed the exchanges that its board will soon discuss the fund raising. The company said in an exchange filing that the board will meet on July 13 to consider and approve the fund raising through preferential issue. Meanwhile, PC Jeweler said that the Punjab National Bank has approved a one-time settlement of their dues.

In a regulatory approval, PC Jeweler informed that “Punjab National Bank, the third largest bank after State Bank of India, among the company's consortium banks in terms of its exposure, has approved the One Time Settlement (OTS) proposal submitted by it. Company.” PC Jeweler had opted for an OTS to settle the dues with a consortium of banks. The terms and conditions of the approved OTS include cash and equity component, securities and mortgaged assets etc. to be paid under the settlement, the filing said.

PC Jeweler did not mention the details of outstanding and OTS held by all banks.

In an investor presentation in late May, PC Jeweler noted that SBI's withdrawal of a plea from the National Company Law Tribunal (NCLT) and banks' favorable consideration of its OTS proposal were positive developments.

“The company has again started focusing on increasing its brand presence and marketing initiatives for the same, which is having a visible impact in the current quarter,” it said.

The company maintains an extensive network of 60 showrooms (including 6 franchise showrooms) located in 44 cities spread across 15 states in India as on March 31, 2024. “Also, the company's core strength in the form of manufacturing and designing, soft skills in the form of manufacturing facilities, skilled personnel, systems and procedures, customer policies etc. are intact,” said PC Jeweller.

(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)