Jewellery Stock Under Rs 10 In Focus As Company Pays 96% Debt, Allots 3 Crore Shares To Promoters

PC Jeweller Ltd shares are in focus in intraday trade on Friday, July 31, as the small-cap jewellery firm said that it repaid more than 96 per cent of its total outstanding bank debt, and the remaining nearly 4 per cent outstanding debt will be paid within the current quarter. Additionally, it allotted 3.05 crore shares upon conversion of warrant.

Meanwhile, the Jewellery stock started the session nearly 1 per cent higher at Rs 9.20 as compared to the last closing of Rs 9.12 on NSE. Last seen, the stock was trading at Rs 9.15, up 0.33 per cent. The 52-week high and low values of the scrip stood at Rs 16.10 and Rs 7.47, respectively.

Share Allotment and Fund Raise

The board of directors has approved the allotment of 3.055 crore equity shares to promoter Balram Garg upon the conversion of warrants. The warrants were issued at Rs 18 each (including a Rs 17 premium per share). This has increased the promoter group's shareholding from 38.49 per cent to 38.69 per cent.

The company's board has approved plans to raise Rs 1,000 crore via a Qualified Institutional Placement (QIP). A dedicated QIP committee has been formed to oversee the process, including determining the size, timing, and pricing.

Stock Market Today

Stock market benchmarks Sensex and Nifty saw gains, driven by a surge in Bajaj Finance, increased foreign investment, and lower crude oil prices. This upward trend was tempered by profit-booking in IT stocks.

• BSE Sensex: Rose by 49.91 points to 77,970.95.
• NSE Nifty: Increased by 28 points to 24,343.65.

Disclaimer: This story is for informational purposes only. It should not be considered investment advice.