PC Jeweller gets IDBI Bank's approval for one-time settlement of outstanding dues
Meanwhile, equity benchmark indices Sensex and Nifty surged in early trade on Friday following a sharp rally in global markets along with buying in IT stocks.
![PC Jeweller gets IDBI Bank's approval for one-time settlement of outstanding dues](https://cdn.zeebiz.com/sites/default/files/2024/07/16/305047-jwellery.jpg?im=FitAndFill=(1200,900))
PC Jeweller has informed exchanges that it has received approval from IDBI Bank for its One Time Settlement (OTS) proposal. It said the IDBI Bank conveyed its decision via a letter dated August 14.
"This is to inform that IDBI Bank Limited vide its letter dated August 14, 2024 has conveyed its approval of 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," the company said in a regulatory filing.
Earlier, PC Jeweller Ltd plans to raise up to Rs 2,705 crore by issuing warrants on a preferential basis to promoters and investors, mainly to settle bank loans and for working capital requirements.
PC Jeweller Ltd plans to raise up to Rs 2,705 crore by issuing warrants on a preferential basis to promoters and investors, mainly to settle bank loans and for working capital requirements.
Promoters will infuse around Rs 850 crore into the company by subscribing to warrants issued by the company.
Meanwhile, equity benchmark indices Sensex and Nifty surged in early trade on Friday following a sharp rally in global markets along with buying in IT stocks.
The 30-share BSE Sensex jumped 805.96 points to 79,911.84 in early trade. The NSE Nifty surged 252.05 points to 24,395.80.
All the 30 Sensex firms were trading higher in early trade. Mahindra & Mahindra, Tata Motors, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Reliance Industries, ICICI Bank, JSW Steel, Infosys and IndusInd Bank were the biggest gainers.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading significantly higher.
The US markets ended with sharp gains on Thursday.
"Globally stock markets have turned around smartly from the August 5th sell off triggered by US recession fears and the unwinding of the yen carry trade. Latest data on US inflation and unemployment relief do not indicate an economy tipping into recession. On the other hand, the 2.9% annual inflation number and slightly softening labour markets set the stage for a Fed rate cut in September, which the market is pencilling in now," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,595.27 crore on Wednesday, while Domestic Institutional Investors (DIIs) were buyers as they bought equities worth Rs 2,236.21 crore, according to exchange data.
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