Indian IPO

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Friday, April 09, 2010

C.Mahendra Exports seeks regulatory nod for IPO

Diamond jewellery maker C.Mahendra Exports Ltd said on Thursday it has filed for regulatory approval of a planned initial public offering (IPO) of 15 million shares.

The firm plans to raise funds for setting up of a diamond processing unit at Gujarat Hira Bourse, special economic zone near Surat and a jewellery manufacturing unit in Mumbai, it said in a statement to the exchange.

It will also use the proceeds for setting up retail outlets and in brand development, it said.

Yes Bank and Anand Rathi Advisors Ltd are the book running lead managers for the proposed IPO.

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