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Mumbai, Nov. 14 Renaissance Jewellery Ltd, a company exporting studded-gold and-platinum jewellery, on Wednesday announced its entry into the capital markets with an IPO of 53.24 lakh equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building process along with one detachable warrant for every two equity shares allotted by the company.

The offer opens on November 19 and closes on November 21.

The price band is fixed between Rs 125 and Rs 150 per equity share.

The equity shares and warrants are to be listed on both the BSE and NSE.

The proceeds from the issue will be used to fund the company’s capacity expansion at its Bhavnagar and Mumbai units, investments in the foreign subsidiary and augmenting working capital requirements. Of the net issue, 50 per cent will be allotted to qualified institutional buyers, 15 per cent will be allotted to non-institutional bidders and 35 per cent to retail individuals.

The issue will constitute 29 per cent of the fully diluted post-issue paid-up equity share capital of the company prior to exercise of detachable warrants and would be 37.99 per cent of the paid-up equity share capital of the company after exercise of detachable warrants.

The warrant exercise price will be the price which is at a fixed premium of 25 per cent over the issue price.

The warrant exercise period will be the period commencing from the completion of the 16th month and be open up to the completion of the 18th month from the date of allotment of equity shares and warrants.

Edelweiss Capital Ltd is the sole book running lead manager to the issue.

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