PC jeweler, a renowned brand in the jewellery sector is setting up to raise around Rs 257 crore. The jewellery brand will be raising this amount through the issue of preferential shares to US-based investment firm Fidelity. The raised amount will be utilised in mapping the further expansion of the company.
In May, the national capital-based firm had raised Rs 427 crore from DVI Fund Mauritius by allotting it compulsorily convertible debentures. While informing the Bombay Stock Exchange (BSE), PC Jeweller stated that its board has approved the issue of compulsorily convertible preference shares for an aggregate amount of up to Rs 257.37 crore on private placement basis.
However, commenting further on the move, Balram Garg, MD, PD Jeweller said that company will raise up to Rs 257 crore from Fidelity. The proceeds from DVI Fund and Fidelity would be utilised as capital expenditure for future expansion. Brand had a target to raise about Rs 600-700 crore and the same has been completed.
Company is adding more stores every fiscal and is exploring to set up new manufacturing facilities. Currently, it has three factories and about 60 retail stores across the country, adds MD. The brand has been on its expansion spree and last year, it had acquired a bridal jewellery brand AZVA from World Gold Council (WGC) in an undisclosed amount.
