PC Jeweller gains 18% on buyback offer; promoters not to participate
Shares of PC Jeweller gained more than 18 percent in the opening trade on Friday as the company board approved the proposal of share buyback.
The board of PC Jeweller Thursday approved a proposal to buy back 1.21 crore shares at Rs 350 a piece, which translates into a premium of 67 percent from Thursday’s closing price of Rs 209.
As per March quarter-end data, the promoters hold around 57.63 percent stake in the company. LIC holds about 1.93 percent. The board noted that the promoters and promoter group of the company will not participate in the proposed buy back in a statement to the exchange.
The stock has been in the news of late for the immense volatility seen and eroding investors’ wealth in the recent times.
A meeting of the board of directors of the company will be held on May 25, 2018 to consider and approve the audited standalone and consolidated financial results of the company for the quarter / financial year ended March 31, 2018.
The board also consider recommendation of dividend on preference shares for the period from April 1, 2017 to September 1, 2017.
At 09:17 hrs PC Jeweller was quoting at Rs 234.10, up Rs 25.10, or 12.01 percent on the BSE.
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