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PC Jeweller's Promoter & MD, Balram Garg, has converted 3.055 Cr warrants into equity shares, resulting in an allotment of 3.055 Cr new shares. The company received ₹ 41.24 Cr as the balance payment for these warrants, which were originally issued at ₹ 18 each (face value ₹ 1).
**Issue:** This is a pre-planned corporate action, converting warrants issued to the promoter into equity shares.
**Impact:** This transaction injects ₹ 41.24 Cr into the company, increasing PC Jeweller's paid-up equity capital from ₹ 971.05 Cr to ₹ 974.11 Cr. The Promoter's holding has risen from 38.49% to 38.69%, signaling increased confidence. While this results in a minor dilution for existing public shareholders, it strengthens the company's capital base.
**Company's Action:** The company executed this conversion as per the terms of the earlier warrant allotment, fulfilling a commitment from the Promoter.