LIC-backed multibagger penny stock at Rs 72.80: IndusInd Bank agrees on One Time Settlement (OTS) proposal with this jewellery company; details inside!
The stock gave multibagger returns of 177.6 per cent from its 52-week low of Rs 25.45 per share.
PC Jeweller Limited has announced that IndusInd Bank Limited has agreed to its One Time Settlement (OTS) proposal to clear outstanding dues. The OTS terms include a combination of cash and equity payments, along with the release of securities and mortgaged properties held by the bank. This development was disclosed to the public under SEBI's listing regulations.
Additionally, PC Jeweller Limited has unveiled a revised plan to raise substantial funds through the issuance of 48,13,42,500 convertible warrants at Rs 56.20 each, which was approved by the board on July 13, 2024. Initially proposed for the promoter group, the offer has been expanded to include both existing shareholders and the general public, with the potential to raise up to Rs 2705,14,48,500. Each warrant, convertible into one equity share of Rs 10 face value within 18 months, will expire and be forfeited if not exercised. The company aims to utilize these funds for operational purposes.
On Monday, shares of PC Jeweller Ltd surged 4.64 per cent to an intraday high of Rs 72.80 per share from its previous closing of Rs 69.57. The stock also made a fresh new 52-week high of Rs 72.80 while its 52-week low is Rs 25.45. At the closing bell, shares of the company were trading at Rs 70.66 per share, up 1.57 per cent.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
PC Jeweller Ltd is an Indian company that designs, manufactures, sells and trades gold, 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. According to its Quarterly Results (Q4FY24) and annual results (FY24), the company reported a mixed set of numbers.
The company has a market cap of Rs 3,288 crore. The shares of the company are trading at 1.08 times its book value. As of March 2024, Life Insurance Corporation of India (LIC) owns a 1.45 per cent stake in the company and FIIs have increased their stake to 0.93 per cent compared to 0.78 per cent in December 2023. The stock gave multibagger returns of 177.6 per cent from its 52-week low of Rs 25.45 per share and investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
Also Read: 2:1 stock split on July 18 after 1:2 bonus shares: Multibagger solar-wind stock with a strong order book hit the upper circuit; keep under the radar!