An assembly includes a punch and a clamping assembly. The punch includes a body having a front end and a rear end. The front end has a cutting edge. A passageway extends through the body and a counterbore is provided proximate to a second end of the body. The clamping assembly includes first and second jaws pivotally attached to each other. Each jaw includes a main body having a nose extending from a front surface thereof. The nose has an outer surface which has a diameter which is smaller than the outer diameter of the main body. When the clamping assembly is mated with the punch, the noses seat within the counterbore, and the front surfaces of the main bodies engage against the rear end of the body of the punch.

A clamping assembly includes a first jaw having a plurality of alternating grooves and lands formed thereon, a second jaw having a plurality of alternating grooves and lands formed thereon, and a spring provided between the first and second jaws. The jaws are pivotable relative to each other. The jaws are attached to a draw stud. The draw stud is formed from an elongated cylinder which has a conventional thread form formed on one end thereof and a plurality of alternating grooves and lands formed on the other end thereof. The alternating grooves and lands formed on the jaws mesh with the alternating grooves and lands formed on the draw stud to mate the jaws with the draw stud.