PC Jeweller Limited has submitted the Monitoring Agency Reports for the quarter ended December 31, 2025, issued by CARE Ratings Limited. These reports cover the utilization of proceeds from two distinct preferential issues: one involving Fully Convertible Warrants approved in August 2024, and a second involving Warrants and Equity Shares approved in August 2025. The submissions confirm adherence to the intended utilization objectives outlined in the offer documents for both capital raises, totaling approximately Rs. 2702.11 crore and Rs. 500.00 crore respectively.
Submission of Quarterly Compliance Reports
PC Jeweller Limited has officially submitted the required Monitoring Agency Reports to the stock exchanges, covering the operational and utilization status of proceeds raised via preferential allotment for the quarter ended December 31, 2025. This filing, dated February 13, 2026, addresses two separate fund-raising activities conducted through warrants and equity shares.
Report on Preferential Issue (Rs. 2702.11 Crore)
The first report, pertaining to the preferential issue aggregating Rs. 2702.11 crore raised via Fully Convertible Warrants (approved August 08, 2024), confirmed that proceeds have been utilized according to the stated objectives in the offer document. A total of Rs. 1,508.61 crore was utilized by the end of the quarter, leaving a minimal unutilized amount of Rs. 0.14 crore. This residual amount was held in the monitoring account (Rs. 0.13 crore) or in sweep-in/out Fixed Deposits (Rs. 0.01 crore).
Utilization Details for Larger Issue
- Repayment of Debts: Utilization was Rs. 829.68 crore by the end of the quarter, with Rs. 34.58 crore utilized during Q3FY26. The Board noted that while repayment is pending, the completion timeline is set for April 2026.
- Working Capital: Utilization stood at Rs. 529.10 crore. The object completion timeline is set for May 2026.
- General Corporate Purpose (GCP): The allocated Rs. 149.83 crore was reported as fully utilized, with no further utilization needed in Q3FY26.
Report on Preferential Issue (Rs. 500.00 Crore)
The second report, concerning the issue of warrants and equity shares totaling Rs. 500.00 crore (approved via Postal Ballot on August 10, 2025), also indicated utilization consistent with the offer document. The total utilized amount reached Rs. 368.74 crore against the total raised till December 31, 2025 of Rs. 368.75 crore, leaving only Rs. 0.01 crore unutilized.
Utilization Details for Smaller Issue
- Repayment of Debts: Of the Rs. 434.27 crore allocated, Rs. 303.52 crore was utilized by quarter-end, with Rs. 55.51 crore utilized specifically during Q3FY26. The Board expects utilization to proceed according to stated timelines.
- Working Capital & Issue Expenses: These objects showed utilization matching the amounts allocated in the revised structure (Rs. 65.22 crore and Rs. 0.40 crore, respectively).
Board Comments on Viability
Regarding the first issue, the Monitoring Agency noted that the non-conversion of remaining warrants, especially if the market price falls below the Rs. 5.62 issue price, could impact the viability of the stated objects. However, the Board expressed confidence, noting the current share price is above Rs. 10, ensuring conversion within the 18-month period.
Source: BSE
