10:1 Stock Split: LIC-Backed Multibagger Stock Hit Upper Circuit As Board Allots 4,35,972 Equity Shares On Conversion Warrants to Promoter & Non-Promoter
The stock gave multibagger returns of 539.4 per cent from its 52-week low of Rs 27.66 per share.
Today, shares of PC Jeweller Ltd hit 5 per cent upper circuit to Rs 176.85 per share from its previous closing of Rs 168.45. The stock’s 52-week high is Rs 186.80 per share and its 52-week low is Rs 27.66 per share.
PC Jeweller Limited has allotted 4,35,972 equity shares to two allottees, one belonging to the ‘Promoter Group’ and the other to the ‘Non-Promoter, Public Category’, upon the conversion of 4,35,972 Fully Convertible Warrants. This conversion was made after the receipt of the balance amount of Rs 1,83,76,219.80 at a rate of Rs 42.15 per warrant, which is 75 per cent of the Issue Price per Warrant. The allotment was executed in accordance with the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. As a result of this allotment, the paid-up equity share capital of the Company has increased from Rs 465,40,38,960 to Rs 465,83,98,680. The new equity shares will rank equally with the existing equity shares of the Company.
Additionally, PC Jeweller Limited has announced plans to stock split each of its existing 1 equity shares 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 8,230.67 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 539.4 per cent from its 52-week low of Rs 27.66 per share. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.