Gitanjali Gems to raise upto Rs 110 crores

Gitanjali Gems part of Gitanjali group will likely be the stock to watch out in Aug 12 trade. Company post market hours on Aug 11 has informed BSE, that board has approved to "raise funds upto Rs 110 crores by issue of convertible warrants to promoters/promoter groups/persons other than promoters through preferential allotment". On the other hand, stocks on Aug 11 closed at Rs 48.50, up by 7.66 per cent.  In the last 5 days shares have climbed by 23 per cent. In the last 3 months shares have given a return of 41 per cent. Shares of the company have opened at Rs 47.35 down by 1 per cent. Shares' 52-week High/Low stands at 51.50/29.95.

On July 22, company had informed bourses that it had issued 23547194 warrants of Rs 10 each at a premium of Rs 62.39 to persons other than promoters in accordance with SEBI (Issue of Capital and Disclosure Requirement) regulation 2009. However, 30,51640 warrant holders did not exercise the option, therefore warrants stand cancelled and the entire subscription money received by the company for subscription of warrants stands forfeited.

Gitanjali Group is one of the largest branded jewellery retailers in the world. It is headquartered in Mumbai, India. Gitanjali sells its jewellery through over 4000 points of sale and enjoys a market share of over 50 per cent of the overall organised jewellery market in India.