PC Jeweller Ltd Aims to Raise Rs 2,705 Crore via Preferential Issues

PC Jeweller Ltd plans to raise Rs 2,705 crore by issuing warrants on a preferential basis to promoters and investors to settle bank loans and meet working capital needs. An extraordinary general meeting is scheduled for August 8, 2024, to seek approval for the proposal.

PC Jeweller Ltd has announced plans to raise up to Rs 2,705 crore by issuing warrants on a preferential basis to promoters and investors. The raised funds will primarily be used for settling bank loans, with 75% allocated for this purpose and the remaining 25% for working capital requirements.

The company's promoters will contribute around Rs 850 crore by subscribing to the warrants. In a regulatory filing, PC Jeweller revealed that its board has approved the issuance of fully convertible warrants through a preferential private placement.

An extraordinary general meeting is scheduled for August 8, 2024, to seek approval from the company's members. The company has secured a one-time settlement for its outstanding dues with a consortium of banks, including Punjab National Bank, which recently approved the proposal.

(With inputs from agencies.)