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Gitanjali Gems IPO opens today

Corporate Reporter

CHENNAI: Gitanjali Gems Limited, an integrated diamond and jewellery manufacturing company, is entering the capital market with its public issue of 17 million equity shares of Rs. 10 each through a book building process. The price band has fixed at Rs. 170- 195 per equity share. The issue opens on February 16 and closes on February 21.

Speaking at a press conference here on Wednesday, Anuj Rakyan, Vice-President (jewellery division), said the company intended to use the net proceeds of the issue for investment in subsidiaries, joint ventures and associate companies, to incur expenditure on expansion of retail operations, to set up a diamond manufacturing facility at the proposed Gems and Jewellery Special Economic Zone at Hyderabad, to set up an additional jewellery manufacturing facility at Andheri, Mumbai, and to invest in expansion of the existing facility at SEEPZ, Mumbai.

The company merged three of its group companies, Gemplus Jewellery India, Prism Jewellery Pvt. Ltd. and Giantti Jewels Pvt. Ltd, with effect from 2005. These three group companies are engaged in diamond cutting, polishing, jewellery manufacturing and exports under the brand name Asmi and Gili.

Gitanjali Gems is investing in five subsidiaries, Mehul Impex, CRIA Jewellery Pvt. Ltd., Fantasy Diamond Cuts Pvt. Ltd, Gitanjali Exports Corporation and Hyderabad Gems SEZ Ltd.

In addition, it has a 50 per cent joint venture, D'Damas Jewellery (India) Private Limited, with Damas Jewellery, a company based in the UAE, for marketing its products in the retail market under the brand name D'damas.

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