Goenka Diamond and Jewels plans to raise up to Rs 145 crore through its Initial Public Offer (IPO) and has fixed its price-band at between Rs 135-Rs 145 per share.
The company would use the proceeds to set up jewellery manufacturing and diamond processing facilities in Mumbai and expand its retail outlets pan-India.
The company plans to issue one crore equity shares with a face value of Rs 10 each. The issue opens on March 23 and closes on March 26.
"We plan to raise up to Rs 145 crore through our IPO. We will use the proceeds to set up jewellery manufacturing and diamond processing facilities in Mumbai and also expand our retail outlets in India," Goenka Diamond and Jewels' Managing Director, Nitin Goenka, told reporters here today.
"We will invest at least Rs seven to eight crore to set up jewellery manufacturing and diamond processing facilities and another Rs seven crore for opening new outlets. We will invest Rs 25 crore to expand our existing facility in Russia," Goenka said.
The company will be requiring more than Rs 85 crore for working capital, he said.
The issue will constitute 30.93 per cent of the fully diluted post-issue paid-up capital of the company.
