Stock Split 2024: PC Jeweller Ltd. has announced a 1:10 stock split, approved by its board of directors on September 30, 2024, to enhance liquidity and make the shares more affordable for retail investors. This move will subdivide each fully paid-up equity share of ₹10 face value into 10 shares of ₹1 each, according to the official filing made by the company. As a result, the total number of shares will increase from approximately 46.5 crore to 465.4 crore.
“A meeting of the Board of Directors of the Company will be held on Monday, September 30, 2024, inter-alia, to consider and approve the alteration in the share capital of the Company by sub-division / split of existing equity shares having face value of ₹10/- each, fully paid-up, as may be determined by the Board of Directors and consequent alteration of Memorandum of Association of the Company,” said the company in a filing to the exchanges.
PC Jeweller share price history
PC Jeweller share price has surged by 563.12 per cent over the past year and has risen by 246.4 per cent so far in the current calendar year. Over the last three and six months, the stock has also delivered impressive multibagger returns of 241.6 per cent and 225 per cent, respectively. It was trading at its highest level on September 30 since May 2018. It had hit a record high of ₹600.65 on January 16, 2018.
On September 30, Monday, PC Jeweller‘s stock price hit a multi-year high and was locked at the 5 per cent upper circuit at ₹177.95 during intra-day trading on the BSE, driven by strong trading volumes. The company enjoys a market capitalisation of ₹8,292.10 crore, as per NSE.
So far, in September, the stock has rallied 60 per cent.
Additionally, the board approved the preferential allotment of 11.5 crore fully convertible warrants on a private placement basis to two promoter group entities—New Track Garments Pvt. Ltd. and Balram Garg (HUF)—at an issue price of ₹56.20 per warrant. These warrants, convertible into equity shares of the company, will raise ₹646 crore, with an initial 25 per cent subscription received upfront. The balance 75 per cent of the issue price must be paid by the promoters within 18 months from the date of allotment for full conversion into equity shares.
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