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Gitanjali Gems buys out U.S. chain store

CHENNAI: The Rs. 2,500-crore Gitanjali Gems on Wednesday announced the acquisition of Samuels Jewellers, the eighth largest jewellery chain in the U.S. Gitanjali Gems has acquired a 97 per cent stake in the `Speciality Retailer', which operates 97 stores spread across 18 States with current revenues of $100 million, for Rs. 200 crore. The acquisition is being financed through internal accruals and proceeds of the recently concluded $110 million foreign currency convertible bonds (FCCBs), says a release from the company.

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