PC Jeweller has successfully cleared its outstanding debt with one additional consortium bank, bringing the total number of settled lenders to nine out of fourteen. The repayment was completed ahead of the scheduled due dates under the Settlement Agreement dated September 30, 2024.

The jewellery retailer remains on track to discharge its remaining obligations and achieve a fully debt-free status within the current month. This latest clearance reinforces the company’s strategy to systematically reduce leverage across multiple financial institutions.

Debt Reduction Progress

With this update, PC Jeweller has now repaid all outstanding debt for 9 out of 14 consortium banks. The company has also discharged more than 96% of the outstanding debt associated with the remaining five banks. Less than 4% of the original obligation remains to be settled.

What the Numbers Show

The concentration of the remaining liability in fewer than 4% of the total outstanding amount indicates that the bulk of the restructuring burden has been lifted. With only five banks left to settle, the operational complexity of the final phase is significantly lower than the initial stages, allowing for a quicker resolution timeline targeted at the current month.

PC Jeweller shareholders approved a special resolution to raise up to ₹1,000 crore through a Qualified Institutions Placement (QIP). The postal ballot results, disclosed on August 24, 2026, show the funding mandate received overwhelming support from investors.

The company also secured approval for an increase in authorized share capital and the reappointment of Balram Garg as Managing Director. All three resolutions were passed via remote e-voting conducted between July 25, 2026, and August 23, 2026.

Voting Results Overview

Shareholders holding equity shares as on July 10, 2026, were eligible to vote. The total paid-up equity share capital considered for voting was 856,95,57,885 shares. This figure excludes 114,09,76,970 shares allotted via Fully Convertible Warrants that were pending listing approvals.

Promoter vs Public Support

Promoter and promoter group entities voted unanimously in favor of all three resolutions. Public institutional investors also backed the QIP and capital increase mandates with 100% support. However, dissent was visible among public institutions regarding the Managing Director’s reappointment.

Key Voting Dynamics

• QIP Mandate: Received 34,35,27,33,61 votes in favor against 12,38,577 dissenting votes.
• Capital Increase: Secured 34,34,92,24,47 assent votes with only 12,45,914 votes against.
• MD Reappointment: Passed with 33,94,81,99,55 votes in favor. However, it faced significant opposition from public institutions, which cast 4,01,19,282 votes against the resolution compared to 5,49,18,680 in favor.

What the Numbers Show

While promoter support was absolute across all agenda items, the reappointment of Balram Garg revealed a divergence in sentiment among public institutional investors. These entities voted against the resolution at a rate of 42.21%, contrasting sharply with their unanimous support for the financial resolutions. Non-institutional public shareholders remained largely supportive, backing the MD’s reappointment by 93.78%.

The high participation rate, with approximately 40.10% of outstanding shares polled for the QIP resolution, indicates strong investor engagement in the company’s strategic capital raising plans.