PC Jewellers cancelled their buyback. The reason being the bankers whom it had borrowed, did not give their consent to the proposed buyback. The company had announced a buyback of f Rs.424 crores a month ago.
After the Board approved the Buyback, the Company had approached its Bankers
for the requisite permission.The Bankers appreciated the fact that the Company is keeping its commitment of reducing its
interest cost as well as bank exposure made at the time of declaration of annual results.
However, they recommended that fo-r the current year the Company should continue to focus
on growth and give priority to further reduce its interest expense to the maximum extent
possible.Accordingly, they did not approve the proposal of Rs.424 crores of cash flowing out of the
Company
Here’s the link to the circular.