Shares of PC Jeweller Ltd are seeing a rise of more than 1% today. In its latest exchange filing last Thursday the company stated that pursuant to a board resolution it has allotted 68.5 million equity shares upon conversion of 6.85 million fully convertible warrants. These shares have been awarded to six non-promoter public category allottees. Last seen the companys stock was trading at Rs 10.84 up 1.59% or Rs 0.17 on the BSE and at Rs 10.84 up 1.69% or Rs 0.18 on the NSE.

The company further stated that the allotment was made after the face value split of the equity shares (₹10 to ₹1). The remaining amount of ₹28.89 crore was received from investors for warrant conversion at ₹42.15 per warrant (75% of the issue price).

The company had recently informed in an exchange filing that on Tuesday January 27 the board members of the company will meet to release the October-December quarter (Q3) results and 9-month financial results.

The company said in its filing that due to good demand from customers during the festive and wedding season the companys standalone income increased by about 37% year-on-year.

During this quarter the company submitted a proposal to the Directorate of Industries and Enterprise Promotion under the Chief Minister Yuva Udyami Vikas Abhiyan (CM-YUVA) of the Uttar Pradesh government. The scheme aims to establish 1000 jewellery retail franchise units in rural and semi-urban areas by supporting trained goldsmith entrepreneurs with the company. The proposal has been approved by the Uttar Pradesh government and the company has also signed a Memorandum of Understanding (MoU) with the CM-YUVA Mission under the Department of MSME and Export Promotion.

This initiative will provide employment opportunities for youth promote self-employment and contribute to the states economic development. It will also strengthen the companys brand recognition expansion capabilities and retail network.