The shares of PC Jeweller Limited were trading at ₹18.29 up by ₹0.87 or 4.99 per cent on the NSE today at 11 am.
PC Jeweller Limited disclosed in its Postal Ballot Notice dated December 11, 2024, that it plans to issue 5.17 crore equity shares to its consortium lenders through a preferential allotment, converting part of its outstanding debt into equity.
This move, priced at ₹292 per share, including a premium of ₹282, is part of a settlement agreement signed with consortium lenders on September 30, 2024. The equity issuance is targeted at addressing outstanding debts while strengthening the company’s capital structure. Lenders like State Bank of India and Union Bank of India are among the key recipients of these shares, categorised under the non-promoter public category.
The board’s approval came on December 11, 2024, with the cut-off date for determining shareholder voting rights set as December 6, 2024. The e-voting process, opening December 13, 2024, and concluding January 11, 2025.
In addition to the equity issuance, PC Jeweller has also proposed the reappointment of Ramesh Kumar Sharma as Whole-Time Director for another three years starting February 2025.
Further developments, including the outcome of the e-voting and shareholder approvals, are anticipated to shape PC Jeweller’s trajectory in the coming months.
