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PC Jeweler's shares hit a low of nearly four years, at Rs. 68 per share, down 13% on BSE in intra-day trading. During the past week, the stock sold 43% of Rs 122 on July 12, while the company announced the withdrawal of the proposed buy-out offer due to non-receipt of the NOC from his bankers. The stock traded at its lowest level since August 18, 2014.
The stock plunged 89% from the 52 week high Rs 457 recorded on January 16, 2018 in intraday trade. Investors saw their market capitalization shrink from 204 billion rupees to 27.73 billion rupees during the period.
"In view of the non-receipt of the required NOC from the Company's bankers, the Board of Directors has decided today to withdraw the above-mentioned buy-back offer with immediate effect", said PC Jeweler in a regulatory file on Saturday, July 14, 2018.
Bankers have recommended that for the current year, the company continues to focus on growth and gives priority to reducing its interest charges as far as possible. As a result, they have not approved the proposal of Rs 4,240 million of liquidity leaving the company void their letter dated July 12, 2018 and have not given the NOC required to the Company for its offer of redemption, he added.
In March 2018, foreign portfolio investors (FPI) hold a 31.22% equity interest in PC Jeweler, while individual shareholders held 3.44% of the company's capital, according to data from the company. ; shareholding. The company has not yet filed any data on the share ownership model of June 2018.
At 14:49; PC Jeweler was trading 10% lower at Rs 70.20 on BSE, compared with the 0.15% drop in the Senbad function of S & P BSE
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