Shree Ganesh Jewellery to Raise Rs. 328 crore via IPO

Shree Ganesh Jewellery to Raise Rs. 328 crore via IPO

Leading jewelry-maker and exporter, Shree Ganesh Jewellery House, uncovered its plans to raise over Rs 328-crore via an initial public offering (IPO) with an aim to widen its operations and diversify its sphere into newer products.

"We plan to raise up to Rs 328-crore through our IPO. We will use a part of the IPO proceeds to expand our existing facility at Manikanchan SEZ in Kolkata and set up two new manufacturing units in Kolkata", Shree Ganesh Jewellery House's Managing Director, Umesh Parekh, told reporters here today.

It is reported that the opening date for the issue is March 19, while, it closes on March 23. The price-band for the IPO has been fixed between Rs 260-Rs 270.

It has reportedly fixed a price band of 260-270 rupees per share for its 14.2-million-share initial public offering.

The IPO will consist of a fresh issue of 1,21,36,497 equity shares by the company itself, in addition, to an offer for sale of 21,33,334 equity shares by its PE investor, Credit Suisse PE Asia Investments (Mauritius).

The company, which receives 95 percent of revenues from exports, revealed a net income of 13.3 billion rupees on net profit of 799.5 million rupees for six months ended Sept 2009.

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