PC Jeweller to raise ₹2,000 crore via rights and preferential issues
Jewellery retailer PC Jeweller Ltd on Tuesday said its board of directors has approved raising of ₹2,000 crore through a rights issue of equity shares and a preferential issue of fully convertible warrants.
The rights issue of equity shares will be offered to eligible equity shareholders of the company as on the record date, with an issue size of up to ₹1,500 crore, the company said in a stock exchange filing.
The board has formed a dedicated ‘fund raising committee’ which will decide on the detailed terms and conditions of the rights issue, including aspects such as issue price, rights entitlement ratio, payment modalities, and scheduling.
In addition to the rights issue, PC Jeweller plans to undertake a preferential issue of fully convertible warrants, amounting to an aggregate sum of up to ₹500 crore.
Preferential Issue of Fully Convertible Warrants (Warrants) for an aggregate amount of up to ₹ 500 crore, at such price as may be determined in accordance with the provisions of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, the company said.
The proceeds from the preferential issue will primarily be allocated towards repaying the company’s financial liabilities, subject to the approval of the consortium of lenders.
17 Apr 2024
