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18 Mar 2010
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A top company official of Shree Ganesh Jewellery House said that the firm is planning to raise up to Rs 328-crore through an initial public offering (IPO) in order to expand operations and diversify into newer products. The price-band for the IPO has been fixed between Rs 260-Rs 270 and the issue will start from March 19 and will end on March 23. The company plans to issue 142, 69,831 equity shares with a face value of Rs 10 each. Moreover the IPO will consist of a fresh issue of 1, 21, 36,497 equity shares by the company itself whereas an offer for sale of 21, 33,334 equity shares will be done by its PE investor, Credit Suisse PE Asia Investments (Mauritius). Shree Ganesh Jewellery House's Managing Director, Umesh Parekh said that the firm plans to raise up to Rs 328-crore through the IPO and part of the IPO proceeds will be utilized in order to expand their existing facility at Manikanchan SEZ in Kolkata and set up two new manufacturing units in Kolkata. Meanwhile, in order to set up a modern manufacturing unit for the production of Italian jewellery, the firm plans to invest over Rs 100 crore over the next six-months in Kolkata, he added. The Shree Ganesh Jewellery House Ltd, which is promoted by Mr. Nilesh Parekh and Mr. Umesh Parekh, is a Rs.2300 crores (US$ 500 million), 4 STAR export house (govt. of India recognized) company and is the largest manufacturer and exporter of hallmarked and handcrafted gold jewellery from India. Its headquarter is in Kolkatta with subsidiary offices in Hyderabad, Chennai, Bangalore, Delhi. The group is into manufacturing of gold, diamonds and gemstone studded jewellery. |
| Source: Religare Technova Type: IPO Related |
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