Latest news with #BalramGarg
India.com
6 days ago
- Business
- India.com
THIS company's board approves plans to raise Rs 500 cr equity from Capital Ventures, promoter
25 महीने में करोड़पति बन गए निवेशक New Delhi: PC Jeweller Ltd's board has approved a plan to raise Rs 500 crore equity from promoters and Capital Ventures Pvt Ltd to prepay its loan, as part of its plan to become debt free by the end of this fiscal. Delhi-based PC Jeweller has a total of 52 showrooms, of which 49 are company-owned. In a regulatory filing on Thursday, the company informed that the board approved raising of funds up to Rs 500 crore by way of preferential allotment on private placement basis. The board approved issuing and allotting up to 9. 72 crore fully convertible warrants convertible into equivalent number of fully paid-up equity shares of the company to the promoter Balram Garg at an issue price of Rs 18 per Warrant. Garg will infuse up to Rs 175 crore in the company. The board also approved issuing and allotting up to 18. 05 crore shares to the person belonging to 'Non-Promoter, Public Category', by way of preferential allotment on private placement basis, at Rs 18 per share, for an amount aggregating up to Rs 325 crore. MD Balram Garg Statement: The company will take approvals from shareholders through postal ballot. 'We will use this amount to prepay the debt. We are progressing on the path of becoming debt free by March next year,' the company's MD Balram Garg told PTI. PC Jeweller reduced bank loans by more than half to Rs 1,775 crore during the last fiscal year. In September 2024, PC Jeweller executed a settlement agreement with a consortium of 14 banks led by SBI to clear its outstanding loan, which stood at nearly Rs 4,100 crore as of March 31, 3024. Helped by the loan settlement, PC Jeweller posted a consolidated net profit of Rs 577. 70 crore last fiscal. In the 2023-24 fiscal, the company had clocked a net loss of Rs 629. 36 crore. Its total income jumped to Rs 2,371. 87 crore in 2024-25 from Rs 669. 87 crore in the preceding year. PC Jeweller Revenue: On July 4, PC Jeweller Ltd reported around 80 per cent growth in revenue during the April-June quarter of this financial year on strong demand despite volatility in gold prices and said it will become debt free this fiscal. The company said it witnessed high demand for its products, as consumers purchased jewellery for weddings and festivals. PC Jeweller also expressed confidence of becoming debt free in the current fiscal. 'For achieving its target, the company has further reduced its outstanding debts towards its bankers by another approximately 7. 50 per cent during the June quarter,' the company said.
&w=3840&q=100)
Business Standard
6 days ago
- Business
- Business Standard
PC Jeweller to raise ₹500 crore via preferential issue to repay debt
PC Jeweller's board on Thursday approved plans to raise nearly ₹500 crore through preferential allotment of equity securities to promoter and non-promoter investors, as part of its strategy to eliminate debt. 'We will use this amount to prepay the debt. We are progressing on the path of becoming debt-free by March next year,' Managing Director Balram Garg told news agency PTI. In a filing to the Bombay Stock Exchange (BSE), the Delhi-based jewellery firm said it will issue up to 9.72 crore fully convertible warrants to promoter Balram Garg at an issue price of ₹18 per warrant, totalling ₹174.99 crore. The board also approved issuing up to 18.05 crore equity shares to a non-promoter investor — identified in filings as Capital Ventures Pvt Ltd — at the same price, amounting to ₹324.99 crore. Both tranches will be issued by way of preferential allotment on a private placement basis, subject to shareholder approval and other regulatory clearances. The board further approved increasing the company's authorised share capital from ₹1,260 crore to ₹1,310 crore, comprising an additional 50 crore equity shares, the filing stated. The fresh infusion and ongoing loan repayments form part of PC Jeweller's broader debt-reduction strategy. In the last financial year, the company reduced its bank borrowings by over 50 per cent to ₹1,775 crore, according to PTI. In September 2024, PC Jeweller signed a settlement agreement with a consortium of 14 banks — led by the State Bank of India — to resolve outstanding dues of approximately ₹4,100 crore as of March 2024, the report added. Following the settlement, the company reported a consolidated net profit of ₹577.7 crore in FY25, reversing a net loss of ₹629.36 crore in the previous fiscal. Revenue also rose sharply to ₹2,371.87 crore from ₹669.87 crore year-on-year. Shares of PC Jeweller closed at ₹18.74 on the BSE on Thursday.
Time of India
6 days ago
- Business
- Time of India
PC Jeweller board approves plans to raise Rs 500 cr equity from Capital Ventures, promoter
PC Jeweller Ltd 's board has approved a plan to raise Rs 500 crore equity from promoters and Capital Ventures Pvt Ltd to prepay its loan, as part of its plan to become debt free by the end of this fiscal. Delhi-based PC Jeweller has a total of 52 showrooms, of which 49 are company-owned. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Building Automation Systems Software Cost Might Surprise you Automation Systems | Search Ads Undo In a regulatory filing on Thursday, the company informed that the board approved raising of funds up to Rs 500 crore by way of preferential allotment on private placement basis. The board approved issuing and allotting up to 9.72 crore fully convertible warrants convertible into equivalent number of fully paid-up equity shares of the company to the promoter Balram Garg at an issue price of Rs 18 per Warrant. Garg will infuse up to Rs 175 crore in the company. Live Events The board also approved issuing and allotting up to 18.05 crore shares to the person belonging to 'Non-Promoter, Public Category', by way of preferential allotment on private placement basis, at Rs 18 per share, for an amount aggregating up to Rs 325 crore. The company will take approvals from shareholders through postal ballot. "We will use this amount to prepay the debt. We are progressing on the path of becoming debt free by March next year," the company's MD Balram Garg told PTI. PC Jeweller reduced bank loans by more than half to Rs 1,775 crore during the last fiscal year . In September 2024, PC Jeweller executed a settlement agreement with a consortium of 14 banks led by SBI to clear its outstanding loan, which stood at nearly Rs 4,100 crore as of March 31, 3024. Helped by the loan settlement, PC Jeweller posted a consolidated net profit of Rs 577.70 crore last fiscal. In the 2023-24 fiscal, the company had clocked a net loss of Rs 629.36 crore. Its total income jumped to Rs 2,371.87 crore in 2024-25 from Rs 669.87 crore in the preceding year. On July 4, PC Jeweller Ltd reported around 80 per cent growth in revenue during the April-June quarter of this financial year on strong demand despite volatility in gold prices and said it will become debt free this fiscal. The company said it witnessed high demand for its products, as consumers purchased jewellery for weddings and festivals. PC Jeweller also expressed confidence of becoming debt free in the current fiscal. "For achieving its target, the company has further reduced its outstanding debts towards its bankers by another approximately 7.50 per cent during the June quarter," the company said.
