PC Jeweller Ltd.’s board of administrators on Thursday mounted Dec. 16 because the report date for figuring out the eligibility of members for the inventory cut up of 1 current absolutely paid-up fairness share into 10 shares to reinforce liquidity.
The face worth of the fairness shares might be minimize from the present Rs 10 to Rs 1, in line with an alternate submitting. This can outcome within the rise of the whole variety of shares from over 46.5 crore to 465.4 crore.
The shareholders had authorised the inventory cut up on Nov. 21 via a postal poll and the cut up needs to be executed inside 45 days after the nod.
The share cut up has been authorised with a view to reinforce the liquidity of the corporate’s fairness shares and to encourage participation of retail traders by making shares extra reasonably priced, PC Jeweller mentioned.
In September, the board had additionally authorised the allotment of warrants to promoters, amounting to Rs 646 crore. The jewellers will allot 11.5 crore absolutely convertible warrants on a personal placement foundation to 2 promoter group entities at a difficulty value of Rs 56.20 per warrant, after receipt of 25% subscription quantity.
Every of the warrants is convertible on the fee of the steadiness consideration of 75% inside 18 months from the date of allotment. The promoter entities are New Monitor Clothes Pvt. and Balram Garg.