The promoter stake decline, on a year-on-year basis, is due to the conversion of Compulsorily Convertible Debentures (CCDs) and CCPs into equity, Sanjeev Bhatia, President - Finance at PC Jeweller, said.

The promoter holding may have declined to 58.5-59% from the earlier 60.24%, he said.

Earlier this month, in the PC Jewellers' filing at the exchanges, it was noticed that the promoter and promoter group have brought down their shareholding in PC Jeweller to 60.24% at the end of 31 March 2018 as compared to 68.48% as at the end of 31 March 2017.

"The promoter stakeholding remains comfortably at 51%," Bhatia said.

Padam Chand Gupta, PC Jewellers' founder, will be gifting some shares to his family members, he said.

Bhatia is confident on meeting the growth guidance as the expansion plans remain on track. The firm is planning to open another store in May.

First Published:Apr 26, 2018 10:24 AM IST