PC Jeweller gets board's nod for export division demerger

PC Jeweller Ltd (PCJL) Sunday said its board has given approval for the demerger of the company's export division and amalgamation of the same with its wholly-owned subsidiary PCJ Gems & Jewellery Ltd.

"...the board of directors of the company in its meeting held yesterday i.e. May 11, 2019, has considered and approved the scheme of arrangement for demerger of 'export division' (demerged undertaking) of PC Jeweller Ltd (demerged company) and subsequent amalgamation of the same with its wholly owned subsidiary company i.e. PCJ Gems & Jewellery Ltd," a regulatory filing said.

It added that the arrangement will be effective subject to the receipt of necessary regulatory and other approvals including of National Company Law Tribunal (NCLT) of relevant jurisdiction, Sebi, stock exchanges, shareholders and others.

The export division's turnover stood at Rs 2,690.37 crore as on March 31, 2018, which is 28.35 per cent of PCJL's turnover.

It has been realised by the board of the ...