PC jewellers shares hit 5 per cent upper circuit as PC jewellers shares traded ex-date for stock spilt on December 16. As the result of the spilt, stock’s face value will be changed to Rs 1 from Rs 10. The change in face value will increase the number of shares to 464.5 crore from 46.5 crore.
The shares of the PC jewellers hit the opening bell at the day level of Rs 17.35 per share on the NSE (National Stock Exchange), The stock opened at the 0.40 per cent decline at Rs 17.35 per share.
PC jewellers shares were currently locked at the upper circuit level of Rs 18.29 per share on the Indian bourses surging 4.99 per cent amounting to a Rs 0.87 per share on the bourses.
Shareholders approved stock spilt
Through a postal poll, shareholders approved the stock split on November 21. It must be put into effect within 45 days of the approval.
PC Jeweller claims that the goal of the stock split is to increase the company’s share liquidity and affordability, which will motivate more retail investors to participate.
company issued warrants in september
The board authorised the issuing of warrants to promoters in September, totalling Rs 646 crore. On a private placement basis, the jewellers would issue 11.5 crore fully convertible warrants to two promoter group companies at an issue price of Rs 56.20 each, contingent upon a 25 per cent subscription money being received.
Within 18 months following the allocation date, each warrant may be converted into equity upon payment of the remaining 75% of the value. New Track Garments Pvt. and Balram Garg are the promoter entities in question.
