At meeting held on 14 December 2016
Gitanjali Gems announced that Nakshatra World ('NWL') [formerly known as Gitanjali Brands], a wholly owned subsidiary of Gitanjali Gems ('the holding Company') has decided to raise funds through an Initial Public offer of equity shares for an overall amount of not exceeding Rs. 650 crore, subject to requisite statutory and other approvals, procedures, market conditions and other relevant considerations..At its meeting held on 14 December 2016, the Board of Directors of the holding Company has also approved the proposal of public offering of equity shares of NWL and dilution of its stake consequent to Initial Public Offer.
The Draft Red Herring Prospectus (DRHP) will be filed by NWL with the Securities and Exchange Board of India as and when it is approved by the board of NWL. The Company shall intimate the exchanges of related developments in this matter at appropriate stages.
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