Stock Split 2024: Shares of PC Jeweller were locked in the 5 per cent upper circuit on Tuesday, October 1 after the company announced a 1:10 stock split. This was the fourth consecutive session when the stock was locked in the 5 per cent upper circuit.
PC Jeweller share price opened at ₹184.70 apiece today and further extended gains to ₹186.80, also its 52-week high level.
The company in a stock exchange filing on Monday said that the Board of Directors on September 30, 2024, approved the 1:10 stock split to enhance liquidity and make the shares more affordable for retail investors.
This move will subdivide each fully paid-up equity share of ₹10 face value into 10 shares of ₹1 each, according to the official filing made by the company. As a result, the total number of shares will increase from approximately 46.5 crore to 465.4 crore.
PC Jeweller share price has surged 563.12 per cent over the past year and has risen by 246.4 per cent so far in the current calendar year. Over the last three and six months, the stock has delivered impressive multibagger returns of 241.6 per cent and 225 per cent, respectively. In September, the stock rallied 60 per cent. It was trading at its highest level on September 30 since May 2018. The stock had hit a record high of ₹600.65 on January 16, 2018.
The company enjoys a market capitalisation of ₹8,693.74 crore, as per the data available on BSE.
Additionally, the board approved the preferential allotment of 11.5 crore fully convertible warrants on a private placement basis to two promoter group entities—New Track Garments Pvt. Ltd. and Balram Garg (HUF)—at an issue price of ₹56.20 per warrant. These warrants, convertible into equity shares of the company, will raise ₹646 crore, with an initial 25 per cent subscription received upfront. The balance 75 per cent of the issue price must be paid by the promoters within 18 months from the date of allotment for full conversion into equity shares.
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