PC Jeweller To Issue Shares Worth Rs 1,510 Crore To Lenders To Pay Outstanding Debt
PC Jeweller will issue 5.17 crore shares to the consortium lenders under the non-promoter and public category at an issue price of Rs 292 per share.
PC Jeweller Ltd. will issue preferential equity shares worth Rs 1,509.97 crore to its lenders to settle part of their outstanding debts. The preferential shares will be allotted to the lenders on a private placement basis.
The company will issue 5.17 crore shares to the consortium lenders under the non-promoter and public category at an issue price of Rs 292 per share, according to the exchange filing. The issue price is higher than the floor price in accordance with the regulations by SEBI.
The issuance of shares is subject to approval from shareholders and other regulators, the company added.
The company is looking to issue 1.76 crore shares to the State Bank of India and 82 lakh shares to the Union Bank of India. The other lenders include Punjab National Bank, Axis Bank Ltd., IndusInd Bank Ltd., Bank of India, IDBI Bank Ltd., Karur Vysya Bank, and Kotak Mahindra Bank. The company will also allot shares to Indian Overseas Bank, Canara Bank, Indian Bank, Bank of Baroda, and IDFC First Bank Ltd.
The firm has also taken note of a fine imposed by the BSE and NSE for non-compliance related to the composition of the board. The company has also paid a fine of Rs 96,760 to both NSE and BSE and made the necessary changes in the board to comply with the requirements.
The jewellery brand has also re-appointed Ramesh Kumar Sharma as a whole-time director of the company with effect from Feb. 7, 2025, for a period of three years.
PC Jeweller shares fell as much as 3.14% during the day to Rs 170 apiece on the NSE. The stock closed 2.14% higher at Rs 179.27 per share. This compares with a 0.13% advance in the benchmark Nifty 50. It has risen 482.05% and 256.76% year-to-date.
