PC Jewellers Ltd. Board to Consider Stock Split on September 30

PC JewellerLtd. (BSE: 534809, NSE: PCJEWELLER), one of the leading and fastest-growing jewellery retail chains in India, one of the leading and fastest-growing jewellery retail chains in India, has announced that its board will meet on September 30, to consider the sub-division / split of existing equity shares having face value of Rs.10/- each, as may be determined by the Board of Directors and consequent alteration of Memorandum of Association of the Company.

Recently, the company announced that Kotak Mahindra Bank Ltd. has conveyed its approval to the One Time Settlement (“OTS”) proposal submitted by the Company. The Company had opted for OTS to settle the outstanding dues. The terms and conditions of approved OTS include cash and equity components payable under settlement, release of securities and mortgaged properties etc.Further, the company reported that a refund of Rs 67.54 crores from the Income Tax Department, was credited to its account on September 06th, 2024.

Earlier, company reported a stellar turnaround story for Q1FY25. The company has started regaining its customer trust and goodwill which has resulted in an exponential growth in its topline and profitability.
State Bank of India (Lead Bank) had also filed an application for withdrawal of its petition filed before Hon’ble NCLT, Delhi seeking initiation of Corporate Insolvency Resolution Process under section 7 of IBC against the company. The said petition was disposed as withdrawn, by Hon’ble NCLT, Delhi vide its order dated April 30th, 2024.The company is therefore confident that its litigation troubles will be over soon and it is now looking ahead to move on the path of growth and profitability.

Previously, the company announced that its board approved raising of funds up to Rs. 2705 Cr by preferential issue of fully convertible warrants, at an issue price of Rs. 56.20 per warrant, in accordance with ICDR Regulations.