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Gitanjali Gems gets nod to restructure international businesses

15 Nov 2011 Evaluate

Gitanjali Gems has received its board’s approval for restructuring its International businesses through its wholly owned overseas subsidiary(s). Further the board of directors empowered the investment committee to implement the same, subject to necessary regulatory approvals/ compliances.

Further, the company’s board has also decided to raise funds by way of issue of convertible warrants on preferential basis to Bennett, Coleman & Co. up to Rs 40 crore, subject to approval of shareholders.

The company has decided to call Extraordinary General Meeting of the company to approve the above said issue of convertible warrants on preferential basis to Bennett, Coleman & Co., to be held on December 13, 2011 in Hyderabad.

The company reported a 65.25% rise in net profit at Rs 132.2 crore for the quarter ended September 2011 against Rs 80 crore in the same period a year ago. Total income rose by 26.24% to Rs 3,170 crore as against Rs 2,511 crore in September 2010.

Gitanjali Group's has operational presence starting from sourcing of rough diamond, cutting, polishing and distributing, to jewellery manufacturing, which includes designing, mould making, wading, casting, sprue grinding, filing, polishing and setting. The company was first to offer diamond studded jewellery at reasonable prices.

Peers
Company Name CMP
Titan Co 4473.75
Kalyan Jewell.India 412.95
Rajesh Exports 121.75
Senco Gold 328.70
Thangamayil Jeweller 4208.80
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