PC Jeweller Ltd has raised Rs 427 crore from DVI Fund Mauritius by allotting it compulsorily convertible debentures and the amount is to be used for business expansion.
According to a PTI report: In a filing to the BSE, PC Jeweller informed that the board of directors of the company in its meeting have allotted 42,69,984 compulsorily convertible debentures having face value of Rs 1,000 to DVI Fund (Mauritius) Ltd for an aggregate amount of Rs 426,99,84,000. The conversion rate has been fixed at Rs 380.
Last month, the board had approved the issue of compulsorily convertible debentures for an aggregate amount of up to Rs 427 crore by way of a preferential allotment on private placement basis to DVI Fund Mauritius.
Earlier, Managing Director, PC Jeweller, Balram Garg had said that the funds would be utilised as capital expenditure for future expansion.
The company currently has three factories and 60 retail stores across the country. PC Jeweller is adding 15-20 stores every fiscal and is exploring to set up new manufacturing facilities.