PC Jeweller Ltd. rose 6% in Tuesday's session as the company will allot shares on a preferential basis to raise funds to clear the outstanding Rs 1,510 crore debt.
The preferential share allotment for debt settlement is part of the joint settlement agreement dated Sept 30, 2024, the company said in the exchange filing.
The jeweller will allot 51.71 crore shares with a face value of Re 1. The issue price of the shares will be Rs 29.20 apiece for each equity share. The shares will be allotted to a consortium of lenders comprising 14 lenders on a private placement basis, PC Jeweller said in an exchange filing on Monday.
State Bank of India, Canara Bank, Punjab National Bank, Axis Bank, IndusInd Bank, and Kotak Mahindra Bank are a part of this lenders' consortium, as per the exchange filing.
PC Jeweller share price rose 6.05% to Rs 14.20 apiece. It pared some gains to trade 3.44% higher at Rs 13.85 apiece as of 9:48 a.m., as compared to 0.81% advance in the NSE Nifty 50 index.
With today's rise, PC Jeweller reversed losses from Monday's session and continued its rally. The stock rose for five days straight till Friday.
The stock rose 123.39% in 12 months, while it declined 12.98% on year-to-date basis. Total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 57.50.
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