PC Jeweller to raise Rs 2,705 cr via warrants; focus on loan settlement
PC Jeweller Ltd plans to raise up to Rs 2,705 crore by issuing warrants on a preferential basis to promoters and investors, mainly to settle bank loans and for working capital requirements.
Promoters will infuse around Rs 850 crore into the company by subscribing to warrants issued by the company.
In a regulatory filing on Saturday, PC Jeweller informed that its board has approved the proposal to raise funds up to Rs 2,705.14 crore by preferential issue of fully convertible warrants.
"The funds will be utilised primarily for settlement of bank loans. Around 75 per cent of the fund will be used for repaying bank loans and the rest 25 per cent for working capital requirements," PC Jeweller MD Balram Garg told PTI.
He said the promoters would infuse Rs 850 crore into the company, while the remaining amount would be raised from investors.
According to the filing, the board approved the issuance and allotment of up to 48,13,42,500 fully convertible warrants by way of preferential allot