New Delhi, July 17 -- PC Jeweller share price slumped nearly 6% on Friday after the company announced raising of funds through Qualified Institutions Placement (QIP). The penny stock declined as much as 5.80% to Rs.9.73 apiece on the BSE.

PC Jeweller said its board of directors on July 16 approved raising of funds up to an aggregate amount not exceeding Rs.1,000 crore through QIP, in one or more tranches.

The company will issue equity shares having face value of Re 1 each and / or other eligible securities or any combination thereof, through QIP, in one or more tranches.

The board also approved the constitution of Qualified Institutions Placement Committee with authority to appoint necessary intermediaries, advisors and other agencies,...