Financial Daily from THE HINDU group of publications
Friday, Feb 17, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 17, 2006 |
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Markets
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IPOs Gitanjali Gems IPO opens Our Bureau
Hyderabad , Feb. 16 GITANJALI Gems Ltd, a diamond and jewellery manufacturing company, today opened its public issue of 1.70 crore equity shares of Rs 10 each, fixing the price band at Rs 170 to Rs 195 a share. The issue closes on February 21. Announcing the IPO (initial public offering) here on Thursday, Mr Anuj Rakyan, Vice-President (Marketing) of GGL, said 50 per cent of the net issue was to qualified institutional buyers. The company, which expects to raise Rs 330 crore from the issue, would spend the proceeds for expanding its retail operations, setting up a diamond and jewellery manufacturing facility at the upcoming Special Economic Zone for gems and jewellery at Hyderabad. Part of the proceeds would be used for its expansion of the manufacturing facility in Mumbai and for future acquisitions.
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