The board of PC Jeweller has approved a proposal to raise up to Rs 1,000 crore through a qualified institutions placement (QIP) in one or more tranches, subject to shareholders' and regulatory approvals.


The board also approved a proposal to increase the company's authorised share capital from Rs 1,310 crore to Rs 1,460 crore by creating an additional 150 crore equity shares of Re 1 each.

The proposed increase in authorised share capital will require an amendment to the Capital Clause of the company's Memorandum of Association and approval from shareholders.

Addtionally, the company said it reduced its outstanding debt by a further 24 percent during the quarter, taking the overall debt reduction to more than 90 percent since signing a joint settlement agreement with lenders in September 2024.

PC Jeweller said it expects to become debt-free during the current quarter, which it believes will strengthen its balance sheet, reduce interest costs and improve financial flexibility.