Aditya Kumar Halwasiya, Chairman and Managing Director of healthcare and FMCG company Cupid, acquired 5.10 crore shares of PC Jeweller worth ₹70 crore on Friday, according to thehindubusinessline.com. Following the purchase, PC Jeweller’s share price rose 11% to close at ₹16 on the NSE, with an intraday high of ₹17.15.
The share acquisition comes after PC Jeweller cleared outstanding dues to all 14 consortium banks, eliminating approximately ₹3,000 crore in debt. The company had opted for a one-time settlement arrangement in September 2024 to resolve its bank liabilities. During the quarter, PC Jeweller also received remittances of ₹142 crore from outstanding export debtors, bolstering its financial position and liquidity.
PC Jeweller operates nearly 50 retail jewellery stores across major Indian cities. Achieving debt-free status ahead of schedule allows the company to save on future interest costs, which is expected to positively impact its bottom line and strengthen its balance sheet. The share purchase by Halwasiya, a prominent promoter in the healthcare and FMCG sectors, signals renewed investor confidence in the company’s turnaround.
PC Jeweller’s debt-free status was confirmed in the September quarter after successful repayment of all bank dues. The company’s shares opened at ₹15.06 on Friday and traded between ₹15.06 and ₹17.15 during the day, closing at ₹16 on the NSE.