PC Jeweller shares hit the upper circuit limit in Wednesday's trading session after the company allotted 4.35 lakh equity shares on conversion of fully convertible warrants.
The stock price gained after four days of consecutive fall on the NSE. In October 16 trade, the counter hit the upper circuit of 5 percent to quote at Rs 177.36 per share on the NSE.
The company in an exchange filing said "allotment of total 48,08,02,500 Fully Convertible Warrants by way of preferential allotment on private placement basis to the persons belonging to ‘Promoter Group’ and ‘Non-Promoter, Public Category’".
Earlier, PC Jeweller Ltd announced a stock split and a major fundraising plan, both designed to enhance shareholder value and increase retail participation.
The company has proposed to split its equity shares in a 1:10 ratio, converting each existing share with a face value of Rs 10 into ten shares with a face value of Re 1, it said in a stock exchange filing late on September 30. This move is subject to approval from the company’s shareholders and is expected to be completed within 45 days following the necessary approvals.
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