Shares of PC Jeweller Ltd experienced a significant rally in recent trading, climbing 9.34% to reach a new 52-week high of Rs 14.87. This surge comes as the company announced substantial progress in clearing its debt obligations and a key equity conversion by its promoter.
Significant Debt Reduction
The jewellery retailer has successfully cleared its outstanding debt with 12 out of 14 consortium banks, effectively settling over 98% of its total bank debt. The company stated its intent to become completely debt-free within the current month, a move expected to materially strengthen its balance sheet and financial standing. This proactive debt management has been a significant positive driver for investor confidence.
Promoter's Equity Conversion
Further bolstering market sentiment, PC Jeweller's promoter and Managing Director, Balram Garg, converted 74.08 lakh warrants into equity shares. This conversion involved a payment of Rs 10 crore to the company as the balance amount. The Board of Directors formally allotted 7,407,500 equity shares to Mr. Garg on September 22, 2026, at a rate of Rs 13.50 per warrant. These newly allotted shares rank pari-passu with the company's existing equity shares.
Over the past six months, PC Jeweller shares have demonstrated robust performance, gaining an impressive 83.06%, reflecting growing investor optimism in the company's financial turnaround and strategic moves.