10:1 Stock Split: LIC-Backed Multibagger Stock In Green As Board Allocates 36,58,02,500 Fully Convertible Warrants to Promoter & Non-Promoters
The stock gave multibagger returns of 480 per cent from its 52-week low of Rs 27.38 per share.
Today, shares of PC Jeweller Ltd gained 3.89 per cent to Rs 158.80 per share from its previous closing of Rs 152.85. The stock’s 52-week high is Rs 186.80 per share and its 52-week low is Rs 27.38 per share.
PC Jeweller Limited has issued 36,58,02,500 Warrants through a preferential allotment on a private placement basis. These Warrants were allocated to 114 Proposed Allottees, including members of the Promoter Group and Non-Promoter, Public Category. The allotment was contingent upon the receipt of 25 per cent of the Issue Price as a subscription amount, as per the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Each Warrant is convertible into one fully paid-up equity share with a face value of Rs 10. Warrant holders must pay the remaining 75 per cent of the Warrant Issue Price within 18 months from the date of allotment. However, they will be entitled to any corporate actions, such as bonus shares, rights issues, splits, or consolidations, announced by the company between the date of the Warrant allotment and their conversion into equity shares.
Additionally, PC Jeweller Limited has announced plans to stock split each of its existing 1 equity share having a face value of Rs 10 each into 10 smaller shares having a face value of Re 1. The record date for the stock split is not yet fixed.
Earlier, the Bank of India formally approved its 'One Time Settlement' (OTS) proposal. The company had previously submitted the OTS plan to resolve its outstanding debts with the consortium of banks. The settlement terms encompass both cash and equity components, along with the release of securities and mortgaged properties. This positive development marks the approval of the OTS proposal by all fourteen member banks involved in the consortium. Furthermore, the company received a refund of Rs 67.54 crore from the Income Tax Department, which stands credited to its account on September 06, 2024. So, in essence, the company received a large amount of money back from the government because it had overpaid its taxes.
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PC Jeweller Ltd is an Indian company that designs, manufactures, sells and trades gold, platinum, diamond and silver jewellery. They operate across India with multiple brands including Azva, Swarn Dharohar and LoveGold and even created commemorative medallions for the Cricket World Cup.
The company has a market cap of Rs 7,39 crore. As of June 2024, Life Insurance Corporation of India (LIC) owns a 1.45 per cent stake in the company and FIIs bought 76,18,330 shares and increased their stake to 2.57 per cent compared to 0.93 per cent in March 2024. The stock gave multibagger returns of 480 per cent from its 52-week low of Rs 27.38 per share. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.