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Friday, March 19, 2010

Goenka Diamond plans IPO to raise up to Rs 145 cr

Jewellery manufacturer and retailer Goenka Diamond and Jewels on Friday said it plans to raise up to Rs 145 crore through initial public offer for which it has fixed the price band between Rs 135 and Rs 145 per share.

"We plan to raise up to Rs 145 crore through our IPO. We will use the proceeds to set up jewellery manufacturing and diamond processing facilities in Mumbai and also expand our retail outlets in India," Goenka Diamond and Jewels Managing Director Nitin Goenka said in Mumbai.

The company plans to issue one crore equity shares with a face value of Rs 10 each. The issue will constitute 30.93 per cent of the fully-diluted post-issue paid-up capital of the company.

The issue opens on March 23 and will close on March 26. "We will invest at least Rs 7-8 crore to set up jewellery manufacturing and diamond processing facilities and another Rs 7 crore for opening new outlets. We will invest Rs 25 crore to expand our existing facility in Russia," Goenka said.

The company will require more than Rs 85 crore for working capital, he said.

"The company will scale up the number of outlets pan-India to 19 from the six stores by FY 2012. Out of 19 stores, the company will open 17 Ceres outlets and 2 G Wild stores in Tier I and Tier II cities," he said.

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