PC Jeweller today said it did not immediately disclose to stock exchanges the non-receipt of NOC from bankers for its proposed Rs 424 crore buyback as it needed to discuss the issue first with its board.
The company's stock price crashed sharply after it withdrew the buyback offer. It is down at Rs 83.85 on BSE, from a high of over Rs 600 apiece in January. Its one month high/low was Rs 145.35/Rs 65.35.
"The company had received from bank written intimation of its objection to the proposed buyback on July 7, 2018. However, the company was still hopeful of getting NOC and was engaging with the bank for the same. Hence not considered it material at that time and accordingly had not made any disclosure," PC Jeweller said in a clarification to BSE
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app