PCJ shares rise up to 7% intraday; here’s why

Reports coming in for today mention that Shares of PC Jeweller rose over 7 percent in Tuesday's market session after the firm announced the repayment of outstanding debt to another bank under its settlement agreement and the allotment of equity shares following the conversion of warrants.

The stock hit an intraday high of Rs 13.72 per share on the NSE, gaining more than 7 percent. It later pared some upside and settled at Rs 13.48 per share, up 5.39 percent.

The firm stated it has cleared and repaid its outstanding debt with one more bank under the settlement agreement dated September 30, 2024.

With the latest repayment, the firm has fully settled its obligations with 12 of the 14 consortium banks ahead of their scheduled due dates, discharging more than 98 percent of its total bank debt liabilities.

"The firm has now repaid all the outstanding debt of 12 out of the 14 consortium banks, with all repayments completed ahead of scheduled due dates. Further, with this repayment, the firm has now discharged more than 98% of the outstanding debt of the banks," the firm stated in an exchange filing.

The firm's board of directors additionally approved the allotment of 74,07,500 equity shares to the promoter following the conversion of an equivalent number of fully convertible warrants, the firm stated in an exchange filing.