P C Jeweller to raise Rs 257 crore from Fidelity

Leading jewellery company P C Jeweller is seeking to raise around Rs 257 crore from Fidelity - a US based investment company, as per reports. PC Jeweller’s board has give a nod for the issue of compulsorily convertible preference shares on private placement basis for a total of up to Rs 257.37 crore, reports add.

These funds will be employed in expansion and capital expenditure, PC Jeweller noted. The company has been increasing its store footprint each year and intends to add new manufacturing facilities to its portfolio from the current three.

Apart from Fidelity, PC Jeweller had raised around Rs 427 crore from DVI Fund Mauritius, as per reports.