PC Jeweller Rises 2% as Board to Weigh QIP Fundraise
PC Jeweller shares rose as much as 2.02% on Tuesday, 14 July, touching a day high of Rs 10.13 on the NSE. The move came after the company said its board will meet later this week to consider raising funds through a Qualified Institutions Placement. The board meeting is scheduled... The post PC Jeweller Rises 2% as Board to Weigh QIP Fundraise appeared first on Equitypandit.
PC Jeweller shares rose as much as 2.02% on Tuesday, 14 July, touching a day high of Rs 10.13 on the NSE.
The move came after the company said its board will meet later this week to consider raising funds through a Qualified Institutions Placement.
The board meeting is scheduled for Thursday, 16 July. It will consider approving the QIP along with the company’s broader growth strategy for the coming quarters.
Proceeds from the proposed QIP will be used mainly for strategic growth initiatives. The company also flagged business expansion plans, capital requirements and general corporate purposes as other areas of use.
The board will also look at appointing intermediaries and advisors for the fundraise. Shareholder approval will be sought through the appropriate process, as required under applicable regulations.
PC Jeweller expects to complete repayment of its remaining debt obligations this quarter. This will be funded through its earlier preferential issue of fully convertible warrants to the promoter, along with internal accruals.
That repayment plan frees up the QIP proceeds for growth rather than debt clearance. The company had earlier said it was on track to become debt free this quarter, having already repaid dues to two consortium banks.
Separately, the company’s trading window remains closed until two days after its June quarter results are declared. This is standard procedure ahead of financial disclosures.
Shares touched an intraday high of Rs 10.13 during the session but gave up those gains by the close. The stock ended the day at Rs 9.86 on the NSE, down 0.60% from the previous close of Rs 9.92.
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The post PC Jeweller Rises 2% as Board to Weigh QIP Fundraise appeared first on Equitypandit.
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