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PC Jeweller’s board withdraws Rs424cr share buyback

PC Jeweller’s board has decided to withdraw its buyback offer with immediate effect. The filing on BSE mentioned that the board has withdrawn the buyback because of non-receipt of the requisite NOC from the company’s bankers.

Earlier, PC Jeweller’s board at its meeting held on May 10, 2018 had approved the buyback of 1cr fully paid-up equity shares. The board had approved the buyback at Rs350 per share, amounting to Rs424cr.  The above shares comprised 3.07% of the total paid-up equity capital of the company. The buyback offer came post a massive sell-off by Fidelity managed funds (~6% stake) in the open market.

Currently, promoters hold 57.63% of the total shares. The promoter and promoter group were not participating in the buyback which was proposed earlier. Further, the company had appointed IDBI Capital Markets & Securities Ltd and Corporate Professionals Capital Private Ltd as merchant bankers for the buyback offer.

However, this does not change the fundamentals of the company. The stock is down ~80% from its 52 week high of Rs600.65 in mid-January. Recently, PC Jeweller has announed its pre-result update for Q1FY19E.

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