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PC Jeweller board clears up to ₹1,000 crore QIP

The company also approved increasing authorized share capital to ₹1,460 crore from ₹1,310 crore, alongside the planned QIP.

Reported · Written up by our desk · Emerging Markets

PC Jeweller said its board approved raising funds of up to an aggregate amount not exceeding ₹1,000 crore through a Qualified Institutions Placement, in one or more tranches, after the stock slipped in early trading.

The company plans to issue equity shares with face value of Re 1 each and/or other eligible securities through the QIP, with a committee empowered to finalize the structure, size, timing, pricing, and placement documents and to handle related filings and steps.

Alongside the fundraising approval, PC Jeweller also okayed an increase in authorized share capital to ₹1,460 crore from ₹1,310 crore, which would add 150 crore additional equity shares of Re 1 each while leaving preference shares unchanged.

After the announcement, the shares fell nearly 6% on Friday, trading as low as ₹9.73 on the BSE, according to LiveMint Markets, with the stock later marked about 3.19% lower at ₹10.00 at 10:45 AM.

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