Nakshatra World Limited, wholly owned subsidiary of Gitanjali Gems Ltd to raise funds through IPO

Nakshatra World Limited ('NWL') [formerly known as Gitanjali Brands Limited], a wholly owned subsidiary of Gitanjali Gems Limited ('the holding Company') has decided to raise funds through an Initial Public offer of equity shares for an overall amount of not exceeding Rs. 650 crores, subject to requisite statutory and other approvals, procedures, market conditions and other relevant considerations.

At its meeting held on December 14, 2016, the Board of Directors of the holding Company has also approved the proposal of public offering of equity shares of NWL and dilution of its stake consequent to Initial Public Offer.

The Draft Red Herring Prospectus (DRHP) will be filed by NWL with the Securities and Exchange Board of India as and when it is approved by the board of NWL. The Company shall intimate the exchanges of related developments in this matter at appropriate stages.

Shares of GITANJALI GEMS LTD. was last trading in BSE at Rs.66.85 as compared to the previous close of Rs. 62.65. The total number of shares traded during the day was 659088 in over 6283 trades.

The stock hit an intraday high of Rs. 68.85 and intraday low of 65. The net turnover during the day was Rs. 44144109.

Source : Equity Bulls

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