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Monday, May 29, 2006

Renaissance Jewellery files for IPO

Mumbai-based Renaissance Jewellery Ltd (RJL) would be investing close to Rs 33 cr in retail expansion, capacity expansion and modernisation of existing facilities within next two years.

"The company will invest Rs 17 crore in retail ventures, Rs 11.5 crore in capacity expansion of its manufacturing unit at Bhavnagar and Rs 4.5 crore in modernization of current facility in the city,"said, RJL managing director Sumit Shah on sidelines of the launch of their exclusive store of International brand Lucera. In Mumbai
The store was launched by Renaissance Venture Private Limited (RRVPL), a 100 per cent subsidiary of RJL.

Company has plans to open 25 outlets in next 18 months in major cities including, Mumbai, Delhi, Kolkata, Chandigarh, Pune, Hyderabad, Ludhiana.
For its retail outlets company will focus on silver jewellery and 60 per cent of its jewellery in the newly opened store is in silver.
"Taking a call from rising gold prices and placing jewellery as an accessory, our collection is majorly in sterling silver, 18 karat gold and diamonds," he said.
The company is 100 per cent export oriented entity majorly supplying to US markets.
Renaissance has filed draft prospectus for its initial public offer (IPO) with the Securities and Exchange Board of India.

The company intends to offer 35.10 lakh equity shares of Rs 10 each at a price to be fixed through the book-building route.

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