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PC Jeweller has received approval from its board for a proposal to buy back 1.21 crore shares at Rs.350 per share.
The promoters hold approx 57.63% stake in the company, but the board of directors has informed that the promoters and promoter group of the company will not participate in the proposed buy back.
Furthermore, in a statement to the exchanges PC Jeweller stated, “The Company proposed to buyback up to 1,21,14,286 fully paid-up equity shares of Rs.10 each, comprising of 3.07% of the total paid-lip equity capital of the Company, from the equity shareholders of the Company as on the Record Date, at a price of Rs.350, for an aggregate amount not exceeding Rs.424 crore, being less than 25% of the total paid-up equity capital and free reserves of the Company.
