December 28th, 2005
Mumbai-based Gitanjali Gems (GGL), the integrated diamond and jewellery manufacturer, is planning an initial public offering (IPO) to fund further expansion, India's Economic Times reported today.
GGL, through its affiliated companies, currently retails several well-known brands, including Nakshatra, D’damas, Asmi, Gili and Ginatti. The group is also associated with the Damas group in the Middle East.
According to the Economic Times, GGL’s expansion plan includes setting up of a SEZ in Hyderabad and an additional jewellery manufacturing facility in Mumbai.
It also plans to expand its facility in SEEPZ, Mumbai.
The proposed IPO will consist of 17 million equity shares of Rs10 each in a 100% book-built issue. The issue will contribute 28.81% of the fully diluted post-issue capital of the company, the report said.