PC Jeweller share price hit upper circuit after announcing that the board has approved the stock split and fundraising plan via warrants.
PC Jeweller shares were frozen in 5% upper circuit at Rs 177.95, also its multi-year high on the BSE in Monday's intra-day trade, ahead of today's board meeting to consider a stock split proposal.
Shares of PC Jeweller surged up to 4.42 per cent, hitting its 52-week high at Rs 99.46, a piece on the BSE in intraday deals
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. In a regulatory filing on Saturday, PC Jeweller informed that its board has approved the proposal to raise funds up to Rs 2,705.14 crore by preferential issue of fully convertible warrants. "The funds will be utilised primarily for settlement of bank loans. Around 75 per cent of the fund will be used for repaying bank loans and the rest 25 per cent for working capital requirements," PC Jeweller MD Balram Garg told PTI. He said the promoters would infuse Rs 850 crore into the company, while the remaining amount would be raised from investors. According to the filing, the board approved the issuance and allotment of up to 48,13,42,500 fully convertible warrants by way of preferential allot
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Net income rose to Rs 261.74 crore in April-June 2021-22 from Rs 87.02 crore in the year-ago period.
BSE had sought clarification from PC Jeweller earlier in the day with reference to decrease in price