Gitanjali Gems promoter pledges 9.18 lakh shares of the company

Gitanjali Gems, Mumbai-based jewellery retailer’s promoter - Mehul C. Choksi has pledged 9.18 lakh shares to Edelweiss Financial Services. Pursuant to pledging of these shares, Choksi’s unpledged holding in the company has come down to about 3.19 crore shares or 34.65% stake from about 3.28 crore shares equivalent to 35.65% stake. As on June 30, Choksi had 47.40% stake in the company.

Gitanjali Group is a 52-year-old company 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 Jewels owns brands like Asmi, Diya, Gili, Nakshatra, Sangini and Parineeta.