PC Jeweller Ltd.'s share price rose to over six-year high on Friday after it informed the exchanges the Bank of India nodded for its proposal of a one-time settlement. The terms and conditions of the one-time settlement include cash and equity components, and release of securities, mortgaged properties, the company said.
With the Bank of India's approval, PC Jeweller received all 14 consortium bank members' approval for the one-time settlement. The company submitted the proposal earlier to settle outstanding dues, the exchange filing said.
PC Jeweller share price has been rising for seven straight sessions since Sept 20. The stock gained 21.66% in this week.
On Wednesday, the company said that its board will consider stock split on Sept 30. Following the news, the share price rose to the highest level since April 18, 2019.
PC Jeweller share price hit the 5% upper circuit, and rose to Rs 169.69 apiece, the highest level since May 31, 2018. It remained locked in the 5% upper circuit, compared to 0.07% rise in the NSE Nifty 50 index.
The stock gained 540.43% in 12 months, and 236.63% year-to-date. Total traded volume so far in the day stood at 2.0 times its 30-day average. The relative strength index was at 80.88, which implied the stock is overbought.
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