Gitanjali Gems has received an approval for public offering of equity shares of Nakshatra World NWL and dilution of its stake consequent to Initial Public Offer (IPO). The board of directors at its meeting held on December 14, 2016 has approved for the same. NWL (formerly known as Gitanjali Brands) is a wholly owned subsidiary of Gitanjali Gems.
Earlier, the company had decided to raise funds through an IPO of equity shares for an overall amount of not exceeding Rs 650 crore, subject to requisite statutory and other approvals, procedures, market conditions and other relevant considerations.
The Draft Red Herring Prospectus (DRHP) will be filed by NWL with the Securities and Exchange Board of India (SEBI) 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.
