IDFC First Bank Limited accepts PC Jeweller's proposal for one-time settlement of outstanding dues

PC Jeweller has informed exchanges that IDFC First Bank Limited has approved the One Time Settlement (OTS) proposal submitted by it.

"This is to inform that IDFC First Bank Limited vide its e-mail dated August 3, 2024 has conveyed its acceptance of One Time Settlement (“OTS”) proposal submitted by the company," the company said.

The Company had opted for OTS to settle the outstanding dues. The terms and conditions of accepted OTS include cash and equity components payable under the settlement, the release of securities and mortgaged properties etc. 

Meanwhile, equity market benchmark indices Sensex and Nifty tumbled in early trade on Monday in line with extremely weak trends in global markets amid fears of a slowdown in the US economy and foreign fund outflows.

The 30-share BSE Sensex tanked 2,401.49 points to 78,580.46 in early trade. The NSE Nifty tumbled 489.65 points to 24,228.05.

From the Sensex pack, Tata Motors, Tata Steel, JSW Steel, Adani Ports, Maruti and Reliance Industries were the biggest laggards.
Sun Pharma and Hindustan Unilever were trading in the positive territory.

In Asian markets, Seoul, Tokyo and Hong Kong were trading sharply lower while Shanghai quoted higher.

The US markets ended significantly lower on Friday.

"The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy. 

This expectation is now under threat with the fall in US job creation in July and the sharp rise in the US unemployment rate to 4.3 per cent. Geopolitical tensions in the Middle East also are a contributing factor," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.