PC Jeweller Announces 1:10 Stock Split and Plans to Raise ₹646 Crore from Promoters

Keywords; PC Jeweller, stock split, convertible warrants, fundraising, promoter entities, stock market, CFO appointment, Vishan Deo, Sanjeev Bhatia, share allotment, financial updates

PC Jeweller Ltd. has announced a significant 1:10 stock split, where each share will be divided into 10 shares, increasing liquidity and making the stock more accessible to retail investors. Alongside the split, the company has revealed plans to raise ₹646 crore through the allotment of 11.50 crore fully convertible warrants to two promoter group entities: New Track Garments Pvt. and Balram Garg. The issue price for the warrants is set at ₹56.20 per warrant, with 25% of the subscription amount already received.

The remaining 75% of the consideration must be paid within 18 months from the allotment date, at which point the warrants will be convertible into equity shares. This move is seen as part of the company’s broader strategy to bolster its capital base and drive future growth.

In addition, PC Jeweller has appointed Vishan Deo as the new Chief Financial Officer (CFO), effective October 1, 2024, following the voluntary retirement of long-serving CFO Sanjeev Bhatia.

On September 30, shares of PC Jeweller closed at ₹177.95, hitting the 5% upper circuit limit. The stock has performed exceptionally well in 2024, delivering a 250% increase in investor wealth so far.

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