For its business expansion plans, PC Jeweller Ltd raised Rs 427 crore from DVI Fund Mauritius, as per reports. The funds were raised through allotment of compulsorily convertible debentures. In a recent company meeting, the board of directors of the company allotted 42,69,984 compulsorily convertible debentures with face value of Rs 1,000 to DVI Fund (Mauritius) Ltd., for a total sum of Rs 426,99,84,000, as per reports. The conversion rate has been fixed at Rs 380.
Also, the board last month approved the issue of compulsorily convertible debentures for a total sum of up to Rs 427 crore through preferential allotment on private placement basis to DVI Fund Mauritius. The company is planning to expand its retail and manufacturing set up. Stock price of the company rose Rs 3.90, or 1.10 percent on May 25, closing at Rs 358.60, reports say.