2.13 Provisions
Provisions are recognised when the Company has a
present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources
will be required to settle the obligation and the
amount can be reliably estimated. Provisions are not
recognised for future operating losses.
Where there are a number of similar obligations,
the likelihood that an outflow will be required in
settlement is determined by considering the class of
obligations as a whole. A provision is recognised even
if the likelihood of an outflow with respect to any one
item included in the same class of obligations may
be small.
Provisions are measured at the present value of
management’s best estimate of the expenditure
required to settle the present obligation at the end
of the reporting period. The discount rate used to
determine the present value is a pre-tax rate that
reflects current market assessments of the time
value of money and the risks specific to the liability.
The increase in the provision due to the passage of
time is recognized as interest expense.
2.14 Contingent Liabilities
Contingent liability is a possible obligation that arises
from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the
Company, or a present obligation that arises from
past events where it is not probable that an outflow
of resources will be required to settle the obligation.
A contingent liability also arises in extremely rare
cases where there is a liability that cannot be
measured reliably. The Company does not recognize
a contingent liability but discloses its existence in the
financial statements.
2.15 Cash and cash equivalents
Cash and cash equivalent in the balance sheet
comprise cash on hand, amount at banks and other
short-term deposits with an original maturity of
three months or less that are readily convertible to
known amount of cash and, which are subject to an
insignificant risk of changes in value.
For the purpose of cash flow statement, cash and
cash equivalent includes cash on hand, in banks,
demand deposits with banks and other short-term
highly liquid investments with original maturities
of three months or less, net of outstanding bank
overdrafts that are repayable on demand and are
considered part of the cash management system.
2.16 Cash flow statement
Cash flows are reported using the indirect method,
whereby profit for the period is adjusted for the
effects of transactions of a non-cash nature, any
deferrals or accruals of past or future operating
cash receipts or payments and item of income or
expenses associated with investing or financing cash
flows. The cash flows from operating, investing and
financing activities of the Company are segregated.
2.17 Operating Segments
Operating segments are reported in a manner
consistent with the internal reporting provided to
the Chief Operating Decision Maker ('CODM'). The
Board of Directors of the Company assesses the
financial performance and position of the Company.
The Managing Director has been identified as the
CODM. The Company operates in one segment only
i.e. Jewellery. The CODM evaluates the Company's
performance based on the revenue and operating
income from the sale of Jewellery. Accordingly, no
additional segment disclosure has been made for
the business segment.
In terms of geographical segment, since the
Company operates only in India, there is only one
geographical segment, i.e. India. Accordingly, no
additional disclosure has been made for geographical
segment information.
2.18 Earnings Per Share (EPS)
(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
• The prof it/(loss) attributable to the shareholders
of the Company.
• By the weighted average number of equity
shares outstanding during the financial
year, adjusted for events of bonus issue;
bonus element in a rights issue to existing
shareholders; share split; and reverse share
split (consolidation of shares), bonus elements
in equity shares issued during the year.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used
in the determination of basic earnings per share to
take into account:
• the weighted average number of additional
equity shares that would have been outstanding
assuming the conversion of all dilutive potential
equity shares.
In the earlier years, for the purpose of calculating
basic EPS, shares allotted to ESOP trust pursuant
to the employee share based payment plan are
not included in the shares outstanding as on the
reporting date till the employees have exercised
their right to obtain shares, after fulfilling the
requisite vesting conditions. Till such time, the shares
so allotted are considered as dilutive potential equity
shares for the purpose of calculating diluted EPS.
2.20 Recent accounting pronouncements
(a) Ind AS 117, Insurance Contracts
The Ministry of corporate Affairs ("MCA") notified the
Ind AS 117, Insurance Contracts, under the Companies
(Indian Accounting Standards) Amendment Rules,
2024, which is effective from annual reporting
periods beginning on or after 1 April 2024.
Ind AS 117 Insurance Contracts is a comprehensive
new accounting standard for insurance contracts
covering recognition and measurement,
presentation and disclosure. Ind AS 117 replaces
Ind AS 104 Insurance Contracts. Ind AS 117 applies
to all types of insurance contracts, regardless of
the type of entities that issue them as well as to
certain guarantees and financial instruments with
discretionary participation features; a few scope
exceptions will apply.
The application of Ind AS 117 had no impact on the
Company's financial statements as the Company has
not entered any contracts in the nature of insurance
contracts covered under Ind AS 117.
(b) Ind AS 116, Leases
The MCA notified the Companies (Indian Accounting
Standards) Second Amendment Rules, 2024, which
amended Ind AS 116, Leases, with respect to lease
liability in a sale and leaseback transaction.
The amendment specifies the requirements that
a seller-lessee uses in measuring the lease liability
arising in a sale and leaseback transaction, to ensure
the seller-lessee does not recognise any amount
of the gain or loss that relates to the right of use
it retains. The amendment is effective for annual
reporting periods beginning on or after 1 April 2024
and must be applied retrospectively to sale and
leaseback transactions entered into after the date of
initial application of Ind AS 116.
The application of Ind AS 116 had no impact on the
Company's financial statements as the Company
has not entered into any transaction with respect to
sale and leaseback.
There are no standards on accounting or any
addendum thereto, prescribed by Ministry of
Corporate Affairs (MCA) under Section 133 of the
Companies Act, 2013 which are issued and not
effective as at 31 March, 2025.
During the year ended 31 March 2024, the
Company had issued G series CCPS and the
CCPS holders of Series G have agreed a fixed
conversion of 1 equity shares for every 1 CCPS
held and therefore the same is classified as
equity.
During the year ended 31 March 2025, 9,84,790
series G CCPS is converted into equity shares in
the ratio of 1:1.
During the year ended 31 March 2025, the
Company had issued H series CCPS and the
CCPS holders of Series H have agreed a fixed
conversion of 1 equity shares for every 1 CCPS
held and therefore the same is classified as
equity.
As per the terms and conditions of issue of
Series E1 OCRPS, the holders shall have a right
to convert any or all of the series at their sole
discretion and at any time within 19 (nineteen)
years from the issue of the Series, into variable
number of Equity Shares of the Company and
hence were classified as financial instrument in
the nature of financial liability designated to be
measured at fair value through profit or loss as
at 31 March 2024.
During the year ended 31 March 2025, Series E1
OCRPS is converted into equity shares in the
ratio of 10:1.
(d) In the period of five years, during the year 2022¬
23, the Company had issued bonus shares of
16,336,746 of equity shares.
(e) No class of shares have been bought back by
the Company during the period of five years
immediately preceding the current year.
(f) No class of shares have been issued for
consideration other than cash by the Company
during the year of five years immediately
preceding the current year.
(g) During the year ended 31 March 2025, the
Company has issued 10,001,847 rights equity
shares at a price of ' 34 each, which includes a
premium of ' 33 per share.
Nature and purpose of other equity
(i) Securities Premium:
Securities premium represents the premium received on issue of shares over and above the face value
of equity shares. The same is available for utilisation in accordance with the provisions of the Companies
Act, 2013.
(ii) Retained earnings:
The cumulative gain or loss arising from the operations which is retained by the Company is recognized
and accumulated under the heading of retained earnings. At the end of the year, the profit after tax/loss is
transferred from the Statement of Profit and Loss to retained earnings.
(iii) Employee Stock Options Reserves:
The fair value of the equity-settled share based payment transactions with employees is recognised in
statement of profit and loss with corresponding credit to share options outstanding Account. The amounts
recorded in this account are transferred to share premium upon exercise of share options by employees. In
case of lapse, corresponding balance is transferred to retained earnings.
(iv) Other comprehensive income:
Other comprehensive income comprises actuarial gains and losses on defined benefit obligation.
Note:
The coupon rate for Redeemable Non-convertible
debentures ranges from 12.50% p.a. to 14.50% p.a. (31
March 2025 - 11.25% p.a. to 14.95% p.a.) with a tenor of
18 to 36 months.
The rate of interest for term loans from banks is
7.90% p.a. (31 March 2024 - 7.25% p.a. to 7.50%) and
loan from others is 11.25% p.a. to 13.50% p.a. (31 March
2024 - 13% p.a. to 14.35% p.a.) with a maturity period
ranging from 12 to 36 months.
The rate of interest for vehicle loan is 7.99% p.a. to
9.55% p.a. (31 March 2024 - 7.99% p.a.) repayable
monthly in 60 instalments.
Security:
The Redeemable Non-convertible debentures are
secured by way of first ranking pari passu charge
over all current assets of the Company, both present
and future including intellectual properties and non¬
current assets (including tangible, and intangible
fixed assets).
The loan mentioned in (a), (b), (c), (d), (e) and (f)
above is secured by way of first ranking pari passu
charge by way of hypothecation on all existing and
future current assets (including book debts, trade
receivables, stock in trade, inventory, unencumbered
cash equivalents except for the fixed deposits
exclusively lien marked with the lender or other
Note:
The rate of interest for working capital loans from
bank is 10.00% to 10.60% p.a. (31 March 2024 - 11.50%)
and working capital loan from others is 12.00% p.a. to
13.50% p.a. (31 March 2024 - 13.00% p.a. to 13.75% p.a.)
with a maturity period ranging from 180 days to 12
months.
The rate of interest for payable financing is 11.50% -
12.00% p.a. with a maturity period ranging from 90 to
120 days (31 March 2024 - 11.50% p.a. with a maturity
period of 120 days).
The rate of interest for cash credit/overdraft is 10% -
10.70% p.a. (31 March 2024 - Nil).
Security:
The loan mentioned in (b) above is secured by way of
first ranking pari passu hypothecation charge on all
existing and future stocks and receivables and future
moveable fixed assets of the Company.
The loan mentioned in (c) above is secured by way
of pari-passu charge on all current assets and fixed
assets of the Company.
The loan mentioned in (e) above is secured by way
of first ranking pari passu charge on all existing and
future fixed and current assets, oth er assets, inventory,
receivables, rental deposits of the Company.
39. EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY (CSR)
As per Section 135 of The Companies Act, 2013, a Company meeting the applicable threshold, needs to spend
at least 2% of its average net profits for the immediately preceding three financial years on corporate social
responsibility (CSR) activities.
Since the Company has not made net profits during the three immediately preceding financial years, the
Company is not required to spend any amount as prescribed under section 135(5) of the Act.
40. EMPLOYEE STOCK OPTION PLAN
The ESOP scheme, named BlueStone Jewellery and Lifestyle Employees Stock Option Plan - 2014 ("ESOP
2014”), was initially approved by shareholders in 2014. It was subsequently amended and approved again
in 2016, further revised and approved during an extraordinary general meeting in 2022, and most recently
amended and approved by shareholders in August 2024.
The shares granted under the ESOP Plan do not vest on a single date but have graded vesting schedule with
service conditions attached. As per Ind AS-102, "Share-based Payment”, stock options have to be fair valued
on the grant date and expense has to be recognised over the vesting period. The Company has accordingly
determined the cost of the employee share-based payments considering the fair value principles.
b) Measurement of fair values
The section explains the judgement and estimates made in determining the fair values of the financia
instruments that are:
a) recognized and measured at fair value.
b) measured at amortized cost and for which fair values are disclosed in the financial statements.
To provide an indication about the reliability of the inputs used in determining fair value, the company
has classified its financial instruments into the three levels prescribed under the accounting standard. Ar
explanation of each level is mentioned below:
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listec
equity instruments, traded bonds and mutual funds that have quoted price. The fair value of al
equity instruments (including bonds) which are traded in the stock exchanges is valued using the
closing price as at the reporting period.
Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded
bonds, over-the counter derivatives) is determined using valuation techniques which maximise
the use of observable market data and rely as little as possible on entity-specific estimates. If al
significant inputs required to fair value an instrument are observable, the instrument is included T
Level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in Level 3.
(a) Risk management framework
The Company's Board of Directors has overall responsibility for the establishment and oversight of the
Company's risk management framework. The Company's risk management policies are established to identify
and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks
and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in
market conditions and the Company's activities.
The Company’s board oversees how management monitors compliance with the Company’s risk management
policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks
faced by the Company.
The Company minimises the effects of these risks by using derivative financial instruments to hedge risk
exposures. The use of derivative financial instruments is governed by the Company’s policies approved by
the Board of Directors, which provide written principles on the use of such instruments consistent with the
Company’s risk management strategy.
Fair value hedge
The Company designates derivative contracts as hedging instruments to mitigate the risk of change in fair
value of hedged item due to movement in gold prices. Changes in the fair value of hedging instruments and
hedged items that are designated and qualify as fair value hedges are recorded in the Statement of Profit
and Loss. Therefore, there will be no impact of the fluctuation in the price of the gold on the Company’s profit/
(loss) for the period.
(b) Credit risk
Credit risk is the potential financial loss resulting from the failure of counterparties of the Company to settle
its financial and contractual obligations, as and when they fall due.
The Company has an established process to evaluate the creditworthiness of its customers and prospective
customers to minimize potential credit risk. Credit evaluations are performed by the Company before
agreements are entered into with prospective customers.
The Company establishes an allowance amount for impairment that represents its estimate of losses in respect
of trade and other receivables. The main component of this allowance is estimated losses that relate to Shop
in Shop Customers. The allowance account is used to provide for impairment losses. Subsequently when the
Company is satisfied that no recovery of such losses is possible, the financial asset is considered irrecoverable
and the amount charged to the allowance account is then written off against the carrying amount of the
impaired financial asset.
Cash at bank and fixed deposits are placed with financial institutions which are regulated. As at the reporting
date, there is no significant concentration of credit risk. The maximum exposure to credit risk is represented
by the carrying value of each financial asset on the Balance Sheet.
i) Expected credit loss (ECL) assessment for customers as at 31 March 2025 and 31 March 2024
The Company allocates each exposure to a credit risk grade based on a variety of data that is determined to
be predictive of the risk of loss (including but not limited to past payment history, security by way of deposits,
external ratings, audited financial statements, management accounts and cash flow projections and available
press information about customers) and applying experienced credit judgment. The following table provides
information about the exposure to credit risk and expected credit loss for trade receivables.
ii) Cash and cash equivalents
The Company holds cash and cash equivalents of ' 430.57 million as at 31 March 2025 (31 March 2024 - ' 591.35
million). The cash and cash equivalents are mainly held with banks which are rated AAA- to AA- based on third
party ratings. The Company considers that its cash and cash equivalents have low credit risk based on the
external credit ratings of counterparties.
iii) Other financial assets
The Company considers that its other financial assets have low credit risk based on its nature.
(c) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to
managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when
they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company’s reputation.
Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on
the basis of expected cash flows. This is generally carried out by the Management of the Company in accordance
with practice and limits set by the Company. In addition, the Company’s liquidity management policy involves
projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance
sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing
plans.
i) Exposure to liquidity risk
The table below details the Company's remaining contractual maturity for its non-derivative financial liabilities.
The contractual cash flows reflect the undiscounted cash flows of financial liabilities based on the earliest date
on which the Company can be required to pay.
ii) Financing arrangement
The Company had ' 632.01 million (31 March 2024 - ' 650.00 million) undrawn borrowing facilities at the end
of the reporting period.
(d) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity
prices, which will affect the Company’s income or the value of its holdings of financial instruments. The
objective of market risk management is to manage and control market risk exposures within acceptable
parameters.
i) Currency risk
The Company's functionally currency is Indian rupees ('). The Company undertakes transactions denominated
in foreign currencies; consequently, exposure to exchange rate fluctuations arise. Volatility in exchange rates
affects the Company's costs of imports, primarily in relation to other services.
Adverse movements in the exchange rate between the Rupee and any relevant foreign currency result's in the
Company's overall debt position in rupee terms without the Company having incurred additional debt and
favourable movements in the exchange rates will conversely result in reduction in the Company's receivables
in foreign currency.
iii) Commodity price risk
The Company is exposed to commodity price risk due to price fluctuations on account of gold prices. The risk
management strategy against gold price fluctuation includes procuring gold on loan basis, with a flexibility to
fix price of gold at any time during the tenor of the loan. The Company does not enter into or trade financial
instruments including derivative financial instruments, for speculative purposes.
The Company has an outstanding balance of gold metal loan amounting to ' 3,865.53 million as at 31 March
2025 (31 March 2024 - ' 4,424.61 million).
43. CAPITAL MANAGEMENT
For the purpose of the Company’s capital management, capital includes issued equity capital, share premium
and all other equity reserves attributable to the equity holders of the Company. The primary objective of the
Company’s capital management is to maximize the shareholder value.
The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business. The Company's capital structure mainly
constitutes debt & equity. The Company's capital structure is influenced by the changes in regulatory
framework, government policies, available options of financing and the impact of the same on the liquidity
position.
Non-current assets
The entire non-current assets of the Company are located in India. Accordingly, no separate disclosure is
required for non-current assets by geographical area outside India.
47. PHANTOM OPTION SCHEME
During the year 2016-17, the scheme titled "BlueStone Jewellery and Lifestyle Private Limited - Phantom
Option Scheme 2016" (POS 2016) was approved by the Board of Directors.
The objective of the POS 2016 is to reward the former employees and non-employee associates for their
contribution. Under the scheme, the Company had granted 109,715 options to former employees and non¬
employee associates. During the year ended 31 March 2023, Board of directors had approved settlement by
liquidating all of the outstanding options granted under the Phantom Options scheme for cash at a liquidation
price of ' 2,453.55 per option.
Out of total liability, during the year ended 31 March 2024, the Company had paid ' 261.55 million and the
balance amount is paid by the company during the year ended 31 March 2025 against liability towards
Phantom options.
48. I nnoVen Capital India Private Limited ("InnoVen")
had granted loans to the Company. In connection
with the Loan Agreements, the Company has
entered into the agreement with InnoVen thereby
InnoVen has right to subscribe (RTS) 64,967 shares
of the Company. The Company and InnoVen has
mutually decided to terminate the RTS agreement
against the settlement amount of ' 154.62 million.
During the year ended 31 March 2024, Company has
discharged its liability towards right to subscribe
shares.
49. COMMITMENTS AND CONTINGENCIES
Commitments
Estimated amount of Contracts remaining to be
executed on capital account (net of advances) is
' 248.30 million (31 March 2024 - ' 212.83 million).
Contingent liabilities
As of the 31 March 2025 and 31 March 2024, the
Company has assessed its obligations and confirms
that there are no contingent liabilities requiring
disclosure.
50. OTHER STATUTORY INFORMATION
(i) The Company does not have any Benami
property, where any proceeding has been
initiated or pending against the Company for
holding any Benami property.
(ii) The Company does not have any charges or
satisfaction which is yet to be registered with
ROC beyond the statutory period.
(iii) The Company has not traded or invested in
Crypto currency or Virtual Currency during the
financial year.
(iv) The Company has not advanced or loaned
or invested funds to any other person(s)
or entity(ies), including foreign entities
(Intermediaries) with the understanding that
the Intermediary shall:
(a) directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the company
(Ultimate Beneficiaries); or
(b) provide any guarantee, security or the like
to or on behalf of the Ultimate Beneficiaries.
(v) The Company has not received any fund from
any person(s) or entity(ies), including foreign
entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that
the Company shall:
(a) directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries); or
(b) provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.
(vi) The Company does not have any such
transaction which is not recorded in the books
of accounts that has been surrendered or
disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant
provisions of the Income-tax Act, 1961).
(vii) The Company has not been declared wilful
defaulter by any bank or financial institution or
government or any government authority.
51. AUDIT TRAIL COMPLIANCE
The Company has used certain accounting
software(s) for maintaining its books of account
which has a feature of recording audit trail (edit log)
facility and the same has been operated throughout
the year for all relevant transactions recorded in the
software. Further, there were no instance of audit
trail feature being tampered with at application
level. Additionally, the audit trail has been preserved
by the Company as per the statutory requirements
for record retention for application level.
However, with respect to the database level for
the said software(s) which has been managed
and maintained by a third-party service provider
(Microsoft Azure and AWS), the management is not
in possession of an examination report to determine
whether the audit trail feature of the said software
was enabled and operated throughout the year at
database level.
The Company has used certain accounting
software(s) (maintained by third-party service
provider) for maintaining its books of account,
which has a feature of recording audit trail (edit
log) facility as conformed by the service provider,
however, the management is not in possession of
the examination report to assess whether the audit
trail feature for the said software(s) was enable and
operated throughout the year at application and
database level.
52. MAINTENANCE OF BOOKS OF
ACCOUNTS ON SERVER IN INDIA
As per the MCA notification dated 05 August 2022,
the Central Government has notified the Companies
(Accounts) Fourth Amendment Rules, 2022. As per
the amended rules, the Companies are required to
maintain back-up of the books of account and other
relevant books and papers in electronic mode that
should be accessible in India at all times. Also, the
Companies are required to maintain such back-up
of accounts on servers which are physically located
in India, on a daily basis. The books of account
along with other relevant records and papers of the
Company are currently maintained in electronic
mode. These are readily accessible in India at all
times and back-up is maintained on a daily basis on
servers located in India, in order to comply with the
requirements of the above notification.
53. FAIR VALUE OF CONTINGENT CALL
OPTIONS
As at 31 March 2025, the Company has recognized
a financial asset representing the fair value of
contingent call options under the Shareholders’
Agreement dated 06 January 2025, with Ethereal
House Private Limited ("Ethereal”). These options
are linked to the achievement or non-achievement
of specific revenue and EBITDA milestones over
defined periods.
Valuation Methodology
The fair value has been determined using a Monte
Carlo Simulation technique, based on projected
revenues, EBITDA margins, and net asset values. The
model incorporates assumptions regarding revenue
growth, volatility based on comparable listed
companies, and risk-free interest rates as published
by FIMMDA.
The valuation considers the probability of milestone
achievement or failure, with contingent rights
triggered only upon non-achievement conditions.
Accounting Treatment
The fair value of ' 52.16 million (31 March 2024: ' Nil)
has been recognized as a financial asset under
‘Financial Assets at Fair Value through Profit or Loss’
in the financial statements. Any subsequent changes
in fair value will be recognized in profit or loss in
accordance with applicable accounting standards.
54. ESOP TRUST AND TREASURY SHARES
The Company has categorized 3,223,260 equity
shares held by BlueStone Trust ( formerly known
as BlueStone Jewellery and Lifestyle Limited
Management Stock Transfer trust) as 'treasury
shares' in compliance with applicable Indian
Accounting Standards. As of 31 March 2025, the Trust
has transferred all of its holdings to its employees
and its beneficiaries and no longer possesses any
shares in the Company.
55. INVESTMENT IN SUBSIDIARY AND
ASSOCIATE:
During the year under purview, the Company had
acquired 100 fully paid equity shares of ' 10 each and
61,567 fully paid compulsory covertible preference
shares of ' 10 each of Ethereal House Private
Limited (EHPL) on a premium of ' 2,714 per share
aggregating to total consideration of ' 167.98 million
on a preferential basis pursuant to the Shares
Subscription Agreement dated 06 January 2025
("Agreement").
Also, the Company had acquired 100 fully paid equity
shares of ' 1 each and 170,526 fully paid compulsory
covertible preference shares of ' 1 each of Redefine
Fashion Private Limited on a premium of ' 614.38 per
share aggregating to total consideration of ' 105.00
million on a preferential basis pursuant to the Shares
Subscription Agreement dated 11 November 2024
("Agreement").
56. EVENTS AFTER THE REPORTING PERIOD
The Company evaluated all events or transactions
that occurred after 31 March 2025 up through 24 April
2025, the date the standalone financial statements
were approved for issue by the Board of Directors.
Based on this evaluation, the Company is not aware
of any events or transactions that would require
recognition or disclosure in the standalone financial
statements.
57. Previous year's figures have been regrouped/
reclassified, wherever necessary, to conform to
current year classification.
As per our report of even date For and on behalf of Board of Directors of
For M S K A & Associates BlueStone Jewellery and Lifestyle Limited
Chartered Accountants CIN: U72900KA2011PLC059678
Firm registration number: 105047W
Ankush Agrawal Gaurav Singh Kushwaha Sameer Dilip Nath
Partner Managing Director & CEO Director
Membership No.: 159694 DIN No: 01674879 DIN No: 07551506
Place: Bangalore Place: Bangalore Place: Mumbai
Date: 24 April 2025 Date: 24 April 2025 Date: 24 April 2025
Rumit Dugar Jasmeet Saluja
Chief Financial Officer Company Secretary
Membership No.: 46206
Place: Bangalore Place: Mumbai
Date: 24 April 2025 Date: 24 April 2025
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