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PC Jeweller to raise up to Rs 257 cr from Fidelity for expansion

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P C Jeweller recently announced that the company will raise up to Rs 257 crore through issue of preferential shares to US-based investment firm for business expansion.

PC Jeweller to raise up to Rs 257 cr from Fidelity for expansion
In May, the firm had raised Rs 427 crore from DVI Fund Mauritius by allotting it compulsorily convertible debentures.

In May, the firm had raised Rs 427 crore from DVI Fund Mauritius by allotting it compulsorily convertible debentures.

The company informed BSE 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.

“We 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. We had a target to raise about Rs 600-700 crore and the same has been completed, ” Managing Director, , Balram Garg was quoted as saying.

Read: Titan, Gitanjali Gems, PC Jewellers in world top 100 luxury goods list

Garg said the company is adding more stores every fiscal and is exploring to set up new manufacturing facilities. It has three factories and about 60 retail stores across the country. In February this year, PC Jeweller had acquired premium bridal gold jewellery brand AZVA from the World Gold Council (WGC) for an undisclosed amount.