Motisons Jewellers approves Rs 170 crore fundraising

Motisons Jewellers has informed exchanges that its board has approved Rs 170 crore fundraising via preferential issue at an issue price of Rs 170 and an increase in authorised share capital.

"In terms of the company's long-term business growth plans and in order to widen the business horizons and to augment the long-term financial resources of the Company through raising of funds, by way of creating, issuing and allotting up to 1,00,00,000 (One Crore only) Fully Convertible Warrants convertible into equivalent number of fully paid up equity shares of the Company having face value of Rs. 10/- (Rupees Ten Only), to the persons belonging to "NonPromoter, Public Category", said Motisons Jewellers in a stock exchange filing.

The fundraising deal is payable in cash for an aggregating amount of up to Rs 170 crore. 

The Board of Directors has also considered and approved increasing the authorised share capital.

"To increase the Authorized Share Capital of the Company from existing Rs. 113,00,00,000/- (Rupees One Hundred and Thirteen Crores Only) comprising of Rs. 103,00,00,000/- Equity share capital divided into 10,30,00,000 (Ten Crores Thirty Lakhs Only) Equity Shares of Rs. 10/- each and Rs. 10,00,00,000 (Rupees Ten crores only) Preference Share Capital divided into 1,00,00,000 (One Crore Only) Preference Shares of Rs.10/- each to Rs.125,00,00,000 (Rupees One Hundred and Twenty Five Crores Only) comprising of Rs. 115,00,00,000/- (Rupees One Hundred and Fifteen Crores only) Equity share capital divided into 11,50,00,000 (Eleven Crores and Fifty Lakh only) Equity Shares of Rs. 10/- each and Rs. 10,00,00,000 (Rupees Ten crores only) Preference Share Capital divided into 1,00,00,000 (One Crore Only) Preference Shares of Rs.10/- each," said Motisons Jewellers in a regulatory filing on August 14, 2024.