PC Jeweller approves share buyback worth Rs. 424 crore

The share price of PC Jeweller soared about 20 per cent in early morning trade on Friday after the board of the company approved share buyback program. 

The board of PC Jeweller, in its meeting held on Thursday, approved the buyback of 1,21,14,286 fully paid-up equity shares at Rs. 350 per share amounting to Rs. 424 crore. This comprises 3.07 per cent of the total paid-up equity capital of the company. 

The company will be announcing the record date for the buyback later. It also added that promoter and promoter group will not participate in the proposed buy back. 

At 10:10 hours, PC Jeweller was trading at Rs. 211.30 per share, up Rs. 2.35 or 1.12 per cent on NSE. The stock opened at Rs. 229.80 and touched an intraday high of Rs. 250.70 per share on NSE. The scrip has a 52-week high of Rs. 600.65 and a 52-week low of Rs. 94.55 per share on NSE. The stock has already attracted a trading volume of 3,71,05,671 shares on NSE.