Motisons Jewellers to raise ₹170 crore via preferential issue

Motisons Jewellers Ltd has announced plans to raise funds of up to ₹170 crore through a preferential issue of shares as part of its long-term business growth plans. This move aims to enhance the company’s financial resources and broaden its business horizons.

The company’s board of directors, at a meeting on August 14, approved raising funds worth up to ₹170 crore by creating, issuing and allotting fully convertible warrants.

The Jaipur-based jewellery retailer will do this with up to 1 crore fully convertible warrants, which will be convertible into equivalent numbers of fully paid-up equity shares, having a face value of ₹10 each, to those falling under the ‘NonPromoter, Public Category’.

The convertible securities will be issued on a preferential basis at an issue price of ₹170 per piece. This will be payable in cash for a sum aggregating to nearly ₹170 crore.

The company’s board has set the tenure of the warrants to not exceed a period of 18 months from the date of allotment.