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Gitanjali Gems zooms on getting nod for dilution of its stake in NWL through IPO

Gitanjali Gems Ltd. | Diamond & Jewellery | Consumer Durables | BSE: 532715 | NSE: GITANJALI

15 Dec 2016 Evaluate

Gitanjali Gems is currently trading at Rs 67.15, up by 4.50 points or 7.18% from its previous closing of Rs. 62.65 on the BSE.

The scrip opened at Rs. 65.20 and has touched a high and low of Rs. 68.85 and Rs. 65.00 respectively. So far 349361 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 93.60 on 10-Oct-2016 and a 52 week low of Rs. 29.95 on 01-Mar-2016.

Last one week high and low of the scrip stood at Rs. 68.85 and Rs. 59.80 respectively. The current market cap of the company is Rs. 798.29 crore.

The promoters holding in the company stood at 30.28%, while Institutions and Non-Institutions held 6.57% and 63.16% respectively.

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.

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Gitanjali Gems zooms on getting nod for dilution of its stake in NWL through IPO

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