Markets

Gitanjali Gems up 10% on BSE

PTI Mumbai | Updated on November 09, 2017 Published on December 29, 2010

Shares of Gitanjali Gems soared by nearly 10 per cent in early trade on the BSE on Wednesday amid reports that the jewellery-maker plans to raise $100-150 million through the sale of an 8-10 per cent stake to private investors.

According to media reports, the company is looking to restructure its jewellery brand holding company by divesting 8-10 per cent equity to private equity investors in order to raise $100-150 million.

Buoyed by the buzz, shares of Gitanjali Gems started the day on a robust note and jumped 9.99 per cent to an early high of Rs 217.40 apiece on the Bombay Stock Exchange.

The scrip witnessed a similar surge on the National Stock Exchange and was trading higher by Rs 217.50, or 10.01 per cent, vis-a-vis the previous close.

The upsurge was also bolstered by the company’s acquisition of a 90 per cent stake in Milan-based Glantti Italia from its Dubai-based, wholly owned subsidiary — Gitanjali Ventures DMCC — for an undisclosed amount yesterday.

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Published on December 29, 2010
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