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PC Jeweller to hold a board meeting on September 30 to consider stock split, leadership additions, and review Memorandum of Association changes.
PC Jeweller Ltd, a prominent name in the jewellery retail sector, has announced a forthcoming board of directors meeting set for September 30, 2024. The agenda for this meeting includes deliberations on a possible stock split, aimed at making the company's shares more accessible to a broader range of investors.
The company will consider a subdivision of its current equity shares, which have a face value of ₹10 each. This potential stock split is expected to increase the liquidity of PC Jeweller's shares in the market, potentially making them more attractive to small investors. The board will also discuss necessary amendments to the company’s Memorandum of Association that will be required to facilitate the stock split.
In addition to the stock split, the board meeting will cover the appointment of new directors to PC Jeweller's leadership team. This move aims to bring fresh perspectives and expertise to the company, supporting its growth and strategic initiatives. The announcement follows a series of positive financial developments for the company, including a substantial ₹67.54 crore tax refund received from the Income Tax Department earlier this month.
The company has also been actively managing its financial health with strategic measures such as a one-time settlement with Punjab National Bank, concerning its outstanding dues. This settlement was approved by the bank, marking a significant step towards financial stabilisation and improved liquidity.
Following these announcements, shares of PC Jeweller Ltd saw an uptick, closing at ₹151.00 on the Bombay Stock Exchange (BSE), which is a rise of 3.11%. This positive response from the market underscores investor confidence in the company's management and its strategic decisions.
With the board meeting on the horizon, stakeholders and potential investors are closely watching PC Jeweller. The outcomes of this meeting could significantly influence the company's stock performance and market perception, setting the stage for its future trajectory in the highly competitive jewellery retail sector.
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