New Delhi, April 18 -- PC Jeweller Ltd. on Friday said that it has reduced its outstanding bank debt by approximately 10%, as per the company's joint settlement agreement with a group of lenders. This development constitutes a part of the jewellery brand's ongoing debt reduction plan.

"The company has successfully reduced its outstanding debt of the banks as per the Joint Settlement Agreement, by another approximately 10%," PC Jeweller said in an exchange filing on April 17.

In the official announcement, it also notified that with the latest reduction, it has now repaid and discharged more than 90% of its outstanding bank debt since the execution of the settlement agreement.

PC Jeweller said the progress is aligned with its objective o...