PC Jeweller Ltd

PC Jeweller Limited (PCJ) is one of the leading jewellery companies in India. The company offers a wide range of products including gold jewellery, diamond jewellery and other jewellery with a thrust on diamond jewellery and jewellery for weddings. In March 2018, the Company has 92 showrooms in 75 cities, out of which 82 showrooms are company owned and remaining 10 franchisee showrooms. One of the leading jewellery brands in the country, PCJ houses diverse collections in varieties of diamond, stones, gold, polki and kundan. As on March 31, 2018, the company has wholly owned nonmaterial subsidiary and step down subsidiary companies, namely PC Universal Pvt. Ltd., Transforming Retail Pvt. Ltd., Luxury Products Trendsetter Pvt. Ltd., PC Jeweller Global DMCC and Comercializadora Internacional PC Jeweller International S.A.S.In addition to the sale of jewellery through its showrooms, the company also sells gold and diamond jewellery through online sales on its website. It also exports gold and diamond jewellery on a wholesale basis to international distributors in Dubai and Hong Kong. PC Jeweller Ltd was incorporated on April 13, 2005 as a private limited company under the name P Chand Jewellers Private Limited. Further, the name of the company was changed to PC Jewellers Private Limited on October 16, 2007 and PC Jeweller Private Limited on December 9, 2009. The company was converted into a public limited company on August 2, 2011, following which the name was changed to PC Jeweller Limited.During 2013, the company has invested Rs 175 crore to buy gold and diamond jewellery stocks for six new retail outlets, and proposes to infuse another Rs 225 crore next quarter for further expansion. During 2014, the company has incorporated a new wholly owned subsidiary namely Transforming Retail Private Limited. During 2015, the company signed deal with Blue Nile Inc, a leading online jeweller in the US, and also opened its 54th showroom and first in Yamuna Nagar.In 201415, PC Jeweller launched WearYourShine.com, its online retail store. In 201516, PC Jeweller launched its 60th showroom in Udaipur, Rajasthan. In 201617, PC Jeweller launched its 75th showroom at Alwar, Rajasthan. On 30 March 2017, PC Jeweller informed the stock exchanges that the encumbrance created on shareholdings of promoters and members of the promoter group due to Non Disposal Undertaking in terms of the Investment Agreement dated 18 April 2016 entered into by PC Jeweller with DVI Fund (Mauritius) Ltd and the Sponsors Agreement dated 28 April 2016, stands released with effect from 30 March 2017. After this release, no shares held by the companys promoters or members of the promoter group are under any pledge/lien/non disposal undertaking.The Board of Directors of PC Jeweller at its meeting held on 25 May 2017 approved issue of bonus shares in the proportion of 1 (one) equity share for every 1 (one) existing equity share, by capitalizing Securities Premium Reserves/Free Reserves subject to the approval of the shareholders.On 9 October 2017, PC Jeweller announced the signing of Bollywood superstars Akshay Kumar and his wife Twinkle Khanna as brand ambassadors for the PC Jeweller brand. The association with them is congruent to the brands next leg of pan India expansion. In 201718, PC Jeweller continued its expansion journey by opening its 93rd showroom at Basheerbagh, Hyderabad (Telangana). PC Jeweller launched a totally different range of wedding jewellery collection Lal Quila in March 2018. This jewellery collection incorporates a unique Japanese manufacturing technique. The Board of Directors of PC Jeweller at its meeting held on 13 July 2018 decided to withdraw share Buyback Offer with immediate effect due to the nonreceipt of the requisite No Objection Certificate from the companys bankers. The bankers appreciated the fact that the company is keeping its commitment of reducing its interest cost as well as bank exposure made at the time of declaration of annual results. However, they recommended that for the current year the company should continue to focus on growth and give priority to further reduce its interest expense to the maximum extent possible. Earlier, the Board of Directors of the company at its meeting held on 10 May 2018 approved Buy Back of upto 1.21 crore equity shares of the company at a price of Rs 350 per share aggregating Rs 424 crore.The company opened two franchisee stores at Pune Hyderabad in the month of April 2018. On 12 August 2018, the company opened a new showroom at Rewa in Madhya Pradesh.During the year 2018, the Company launched many new jewellery designs and collections like Amalia, Maa, Tattvam, Grecia and La Danza etc.During the year 2018, 17,92,12,800 equity shares were allotted to the shareholders as bonus shares in the proportion of 1:1.During the year 2018, 2,24,73,600 equity shares were allotted to an entity belonging to NonPromoter category, upon conversion of 42,69,984 compulsorily convertible debentures of Rs 1,000/ each.During the year 2018, 1,34,56,000 equity shares were allotted to entities belonging to NonPromoter category, upon conversion of 25,73,72,912 compulsorily convertible preference shares of Rs10/ each.