 "Lypsa Gems and Jewellery to raise Rs 17 cr for retail foray")
Gujarat-based Lypsa Gems and Jewellery Ltd plans to raise Rs 17 crore through sale of 2.1 million equity shares to a strategic investor at Rs 81 per share, the company informed BSE.
Engaged in rough preparation, manufacturing and polished diamonds at its state of art manufacturing unit in Surat having affiliates in Antwerp, Dubai and Moscow, has announced that it would consider issuance of 2.1 million fresh shares to a strategic investor from diamond industry.
The company plans to utilize the fund for venturing into setting up of jewellery retail chain across India.
"Prices of polished and rough diamond are finally seeing a rise. The company expects to report better earnings and revenues in the current quarter through higher realisation," said Jeeyan Patwa, Chief Financial Officer, Lypsa.
The company is planning a major expansion whereby a couple of new projects like jewellery retail as well as buying more rough from direct source are included.
The company's share was trading rangebound at Rs 58 apiece on Wednesday.
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