Business Daily from THE HINDU group of publications
Tuesday, Nov 28, 2006
ePaper
Business Daily from THE HINDU group of publications Tuesday, Nov 28, 2006 ePaper |
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Money & Banking
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Forex Corporate - Overseas Borrowings Markets - Stocks Our Bureau
Mumbai , Nov. 27 Gitanjali Gems Ltd (GGL), a diamond and jewellery making company, has raised $110 million (approximately Rs 495 crore) through the issue of foreign currency convertible bonds (FCCBs). The FCCBs that mature on November 25, 2011, will be converted into equity shares at a conversion price of Rs 275 per share, which is a premium of approximately 28 per cent. The FCCBs will be listed on the Singapore Stock Exchange. On conversion, the underlying equity shares of the company will be listed on the Bombay Stock Exchange and the National Stock Exchange. The funds raised are to be utilised for the company's capital expenditure requirements and towards identified acquisitions plans. About 60-65 per cent will be utilised towards the development of a 200-acre special economic zone in Hyderabad which is expected to come up in 3 years. The SEZ will have a portion dedicated to the gem and jewellery segment and will include commercial projects such as multiplexes and housing. It is also planning to set up other SEZs in Maharashtra, said the Chief Financial Officer of the company. The company has already identified a retail diamond chain in the US for acquisition.
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