PC Jeweller Ltd.'s board of directors approved on Monday the allotment of 51.7 crore equity shares worth Rs 1,509.97 crore to a consortium of lenders to settle a part of its outstanding debt.
At a meeting, the board approved the preferential allotment on a private-placement basis. Each share has a face value of Re 1 and an issue price of Rs 29.20 apiece, according to an exchange filing.
The move increased the value of paid-up equity share capital from Rs 583.8 crore to Rs 635.5 crore, the filing added.
The company was initially looking to issue 1.76 crore shares to the State Bank of India and 82 lakh shares to the Union Bank of India, according to an announcement from the firm in December.
The other lenders included Punjab National Bank, Axis Bank Ltd., IndusInd Bank Ltd., Bank of India, IDBI Bank Ltd., Karur Vysya Bank and Kotak Mahindra Bank, Indian Overseas Bank, Canara Bank, Indian Bank, Bank of Baroda and IDFC First Bank.
Shares of PC Jeweller closed 4.16% lower at Rs 13.39 apiece on the National Stock Exchange, compared to a 0.05% decline in the benchmark Nifty. The share price has risen 115.97% in the last 12 months.
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