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Gitanjali Gems to fuel future growth thru IPO route

Feb '06
Gitanjali Gems Ltd, manufacturing diamond and jewelry is coming out with an IPO of 1.7 crore having equity share of Rs 10 each in a price band of Rs 170 to Rs 195 per equity share.

The company proposes to finance growth plans through this issue which will open on February 16 and close on February 21, 2006.

For qualified institutional buyers, reservation of 50 per cent of net issue will be done, 15 per cent to on proportionate basis to non institutional bidders and 35 per cent for retail investors.

The company plans to spend Rs 6.7 crore for retail operation expansion, establishing 10 exclusive outlets and 100 brand zones for its brand Asmi, Gitanjali Gems Ltd Chairman and Managing Director Mehul Choksi told reporters.

Manufacturing facility for diamond and jewellery with an investment of over Rs 45 crore will be set up at Gems and Jewelry Special Economic Zone in Hyderabad, he said.

Setting up of additional jewellery manufacturing facilities at Mumbai, expansion of present Mumbai facilities, working capital requirements and future acquisitions, will be carried out with the balance proceeds, he clarified.

The company intends launching its brands in China, Japan, Thailand and Middle East and then move on to UK and the US, he added.

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