Stock split 2024: PC Jeweller Limited is set to be a key focus in the market today as the stock trades ex-date for its stock split in a 1:10 ratio. The record date for determining shareholder eligibility for the split has been fixed for December 16, 2024.
The jewellery company had announced this stock split earlier in September to improve liquidity and make its shares more accessible to retail investors.
“The Board of Directors of the Company by means of a resolution passed by circulation today i.e. on November 28, 2024, has fixed Record Date as mentioned below for the purpose of sub-division / split of equity shares of the Company, such that 1 (One) equity share having face value of ₹10 (Rupees Ten Only) each, fully paid-up, be sub-divided / split into 10 (Ten) equity shares having face value of ₹1 (Rupee One Only) each: December 16, 2024,” the company announced in an exchange filing.
This means today is the last day to purchase PC Jeweller shares to be eligible for the split due to the T+1 settlement cycle, where trades are settled on the next business day. Shares bought on the ex-date, December 16, will not qualify for the split.
PC Jeweller share price history
Currently trading below ₹175, PC Jeweller‘s stock has been a stellar performer in 2024, delivering gains of 247.17 per cent year-to-date. Last week, the stock closed at ₹174.80 on the BSE, slightly below its 52-week high of ₹186.80 and significantly above its 52-week low of ₹32.27.
PC Jeweller also announced board approval for the preferential issuance of 5,17,11,462 equity shares with a face value of ₹10 each to a consortium of lenders classified under the ‘Non-Promoter, Public Category.’ The list of proposed allottees includes major banks such as SBI, Punjab National Bank, Axis Bank, and Kotak Mahindra Bank, among others.
Following the stock split, the face value of these shares will adjust from ₹10 to ₹1, effective December 16, 2024. This adjustment is expected to align the issuance with the new split ratio.
