PC Jeweller has raised Rs 427 crore from DVI Fund (Mauritius) by allotting compulsorily convertible debentures and the funds are to be used for business expansion. The board of directors of the company in its meeting held on May 24 allotted 42,69,984 compulsorily convertible debentures having a face value of Rs 1,000 to DVI Fund (Mauritius) for an aggregate amount of around Rs 427 crore. The conversion rate has been fixed at Rs 380.
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.