INSUBCONTINENT EXCLUSIVE:
sheet is not strong enough for the such a spend.
PC Jeweller on Thursday announced a share buyback worth Rs 424 crore, at a price of Rs 350
per share, at a 67 per cent premium to Thursday closing price, to buy 3.07 per cent stake, or 1.21 crore shares
strong enough to justify the buyback as it has a debt of Rs 644 crore as of September 2017 and its inventory receivable is nearly 60 per
time when the stock price of the company declined from a high of Rs 600 in January this year to Rs 201on Friday
The stock had dipped to Rs 110 on May 2 after one of its biggest investor Fidelity International dumped the stock.
The promoters and the
promoter group will not participate in the buyback of shares, according to the announcement
surprisingly has paid an interest of Rs 282 crore for FY17 for a loan outstanding of Rs 802 crore as of March 2017.
There is speculation
regulatory probe for possible stock manipulation.
Amid such uncertainties, funds managed by Fidelity International halved their holdings in
interest cost was Rs 76 crore on an outstanding loan of Rs 644 crore as on September 30, 2017
