PC Jeweller’s shares rose by 4.08 percent in early trade on November 29, reaching Rs 162.60 on the NSE, following the announcement of a record date for a 1:10 stock split. The company has fixed December 16 as the record date for this sub-division of shares.
In an exchange filing, PC Jeweller stated that each equity share with a face value of Rs 10 will be split into 10 equity shares with a face value of Re 1. This move aims to increase its shares’ liquidity and make them more affordable for retail investors.
In July, the company said it plans to raise Rs 2,705 crore with a preferential issue of warrants to promoters and investors. Of this, it said, Rs 850 crore will be brought in by promoters to settle bank loans to meet working capital needs.
PC Jeweller’s board has approved raising money by way of issuance of fully convertible warrants in order to strengthen the financial position of the company, aligning with its broad strategy for enhancing operational efficiency and bringing down debt.
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Source: Moneycontrol
News Desk
