Active Stocks
Thu Mar 28 2024 13:49:19
  1. Tata Steel share price
  2. 155.60 1.80%
  1. HDFC Bank share price
  2. 1,454.40 0.95%
  1. Power Grid Corporation Of India share price
  2. 277.00 2.20%
  1. ITC share price
  2. 430.30 0.54%
  1. State Bank Of India share price
  2. 754.80 2.83%
Business News/ Market / Stock-market-news/  Gitanjali Gems’s Nakshatra files draft papers for IPO
BackBack

Gitanjali Gems’s Nakshatra files draft papers for IPO

Gitanjali Gems's draft red herring prospectus says the IPO comprises 1.8 crore equity shares of Nakshatra World

Gitanjali Gems had in December last year announced that Nakshatra World would raise up to Rs650 crore through an IPO. Photo: AFPPremium
Gitanjali Gems had in December last year announced that Nakshatra World would raise up to Rs650 crore through an IPO. Photo: AFP

New Delhi: Gitanjali Gems’ arm Nakshatra World Ltd has filed draft papers with capital markets regulator Sebi to float an initial public offering.

The IPO comprises 1.8 crore equity shares of Nakshatra World, which offers jewellery under the brands Nakshatra, Gili, Asmi, Sangini, Diya, Parineeta and Rivaaz, according to the draft red herring prospectus (DRHP).

While the exact size of the IPO could not be ascertained, Gitanjali Gems had in December last year announced that Nakshatra World would raise up to Rs650 crore through an initial public offer.

Proceeds of the issue will be utilised towards funding working capital requirements and other general corporate purposes.

The public issue is being managed by IDBI Capital Markets & Securities and Elara Capital (India) Pvt Ltd.

Nakshatra will join other listed jewellery retailers such as PC Jeweller, Tribhovandas Bhimji Zaveri, Tara Jewels, Titan Company, Rajesh Exports and Shree Ganesh Jewellery House.

As of 30 September 2016, the firm had eight manufacturing units across Mumbai, Jaipur, Surat and Hyderabad. Its distribution network is spread across 290 cities and towns in India, with more than 1,644 points of sale.

In overseas markets, the company has 890 points of sale located across China, Singapore, Thailand, Malaysia, Indonesia, UAE, Saudi Arabia and Qatar.

The equity shares are proposed to be listed on the BSE and National Stock Exchange (NSE).

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 14 Mar 2017, 07:06 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App