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.