Shares of PC Jeweller gained more than 18 percent in the opening trade on Friday as the company board approved the proposal of share buyback.
The board of PC Jeweller Thursday approved a proposal to buy back 1.21 crore shares at Rs 350 a piece, which translates into a premium of 67 percent from Thursday’s closing price of Rs 209.
As per March quarter-end data, the promoters hold around 57.63 percent stake in the company. LIC holds about 1.93 percent. The board noted that the promoters and promoter group of the company will not participate in the proposed buy back in a statement to the exchange
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