Gitanjali Gems gets nod to raise funds via FCCBs issue

Gitanjali Gems, the leader in branded jewellery in India, has received board’s approval to raise funds through issue of Foreign Currency Convertible Bonds (FCCBs) due 2018. The Mumbai-based jewellery retailer has decided to open the issue on February 25, 2013. The floor price will be calculated as per relevant pricing guidelines of FCCBs.

Gitanjali Group is a 52-year-old entity having stores outside the country including USA. It is only in the last few years that it is concentrating on retail markets to boost revenue. Gitanjali has a presence in more than 60 cities across India with 90 stores.