PC Jeweller Receives Rs. 135 crore Investment; Plans Rapid Expansion
Creador, a private equity firm recently announced that it had invested Rs. 135 crore through its affiliate Idria Ltd in PC Jeweller Ltd. Though the quantum of stock was not disclosed, media reports put it at around 3%.
"Idria Ltd, an affiliate of Creador II LLC has invested Rs 135 crore ($ 21.7 million) for a minority stake in publicly listed PC Jeweller Ltd,” stated a note from Creador.
“According to data available at NSE, Idria bought 44,79,322 shares of PC Jewellers through bulk deal at a price of Rs 244.36, aggregating to Rs 109.45 crore,” PTI reported.
PC Jeweller is a successful Delhi-based retailer with a vast network across of 50 showrooms across 42 cities in 17 states. Over the next five years, the retailer plans to add 20 showrooms annually to its network and also set up franchises.
While Creador sees great opportunities through this investment as the market for jewellery gets more and more organised; PC Jeweller feels that the investment will allow it to grow at a more rapid pace.