Goenka Diamond invests Rs 4.90 crore to acquire OCD of Gem Gold Mining

Goenka Diamond & Jewels has invested Rs 4.90 crore to acquire, by way of subscription 12%, Optionally Convertible Debentures (OCD) of Gem Gold Mining convertible into equity shares or redeemable at anytime beginning thirty days from the date of issue and ending three years from the date of issuance and allotment of the debenture i.e. August 03, 2012.

Upon conversion, based on the current capital structure, the OCD could fetch the company around 20% to 70% of the equity stake in Gem Gold Mining.

Goenka Diamond & Jewels business is broadly divided into diamond processing business and jewellery business. Its diamond processing business consists of trading, cutting and polishing of diamonds. The jewellery business consists of manufacturing and retail of jewellery under CERES and G WILD brands and also includes its wholesale jewellery operations.