New Delhi: Private equity firm Creador on Tuesday said it has invested Rs 135 crore for a minority stake in PC Jeweller Ltd.
Creador is a private equity firm focused on long-term investments in growth-oriented businesses in Indonesia, India, Malaysia and Singapore.
PC Jeweller is a jewellery retail chain with a focus on diamond and gold jewellery. It has 50 showrooms across 42 cities and 17 states.
"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," Creador said in a statement.
According to data available at NSE, Idria bought 44,79,322 shares in PC Jewellers through a bulk deal at the price of Rs 244.36, aggregating to Rs 109.45 crore.
According to sources, Idria Ltd has bought additional shares on Tuesday as well. Creador will have an about 3 per cent stake in the Delhi-based jeweller, they added.
Promoters had 70.55 per cent stake in the company as on December 31, 2014.
Earlier this month, Creador had invested $16.2 million (about Rs 100 crore) in realty firm Ashiana Housing.
Creador Advisors India senior managing director Anand Narayan said PC Jeweller is
experiencing a phenomenal growth rate. "As the organized share in jewellery retail increases, PC Jeweller is bound to benefit from this trend."
PC Jeweller MD Balram Garg said the company has created a strong brand driven by customer initiatives with a key focus on quality.
"With contemporary and classic designs, we are committed to providing the best customer experience across showrooms and the online platform. We welcome Creador as a shareholder and value their inputs for faster growth," Mr Garg added.
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