PC Jeweller to raise around Rs. 427 crore through debentures

Leading Indian jewellery house PC Jeweller Ltd is raising additional capital for its expansion plans. In this vein, the company is considering raising around Rs. 427 crore through debentures from DVI Fund Mauritius who currently is also an investor in PC Jeweller, reports say. DVI Mauritius is a US-based company and holds around 4 percent stake in PC Jeweller. Post the issue of debentures, its stake in PC Jeweller is expected to increase.

PC Jeweller would employ the funds as capital expenditure for its expansion. It intends to increase its present manufacturing set up of three factories with additional facilities. It is continuing to increase its retail presence by adding 15-20 stores to its current retail store count of 60, as per reports.

At a recent company meeting, its board of directors gave the nod to issue the compulsorily convertible debentures for an aggregate amount of up to Rs. 427 crore through preferential allotment on private placement basis to DVI Fund Mauritius Ltd. The allotment is subject to necessary approvals, reports add.