Leading jewellery-maker and exporter, Shree Ganesh Jewellery House, plans to raise up to Rs 328-crore through an initial public offering (IPO) to expand operations and diversify into newer products, a top company official said.
The issue opens on March 19 and closes on March 23. The price-band for the IPO has been fixed between Rs 260-Rs 270.
The company plans to issue 142,69,831 equity shares with a face value of Rs 10 each.
The IPO will consist of a fresh issue of 1,21,36,497 equity shares by the company itself and an offer for sale of 21,33,334 equity shares by its PE investor, Credit Suisse PE Asia Investments (Mauritius).
"We plan to raise up to Rs 328-crore through our IPO. We will use a part of the IPO proceeds to expand our existing facility at Manikanchan SEZ in Kolkata and set up two new manufacturing units in Kolkata," Shree Ganesh Jewellery House's Managing Director, Umesh Parekh, told reporters here today.
"We plan to invest more than Rs 100 crore to set up a modern manufacturing unit for the production of Italian jewellery over the next six-months in Kolkata," Parekh said.
