Gitanjali Gems sparkles on upcoming IPO of subsidiary
DSIJ Intelligence / 15 Dec 2016
Gitanjali Gems’ subsidiary Nakshatra World has decided to raise funds through an initial public offer (IPO) of equity shares for an overall amount of not exceeding Rs 650 crore.
Gitanjali Gems’ subsidiary Nakshatra World has decided to raise funds through an initial public offer (IPO) of equity shares for an overall amount of not exceeding Rs 650 crore. The company’s IPO is subject to requisite statutory and other approvals, procedures, market conditions and other relevant considerations. The board of directors of the company has also approved the proposal of public offering of equity shares of Nakshatra World. The draft red herring prospectus will be filed by its subsidiary with the Securities and Exchange Board of India (SEBI) as and when it is approved by the board of Nakshatra World.
As of November month, 25 companies had raised Rs 25163 crore through the IPO route, while 21 companies raised around Rs 13614 crore in the previous year.
On the financial front, Gitanjali Gems’ revenue has increased by 14.69 per cent to Rs 3965 crore in Q2FY17 as compared to same period in previous fiscal. However, the company’s operating profit has reduced by 9.79 per cent to Rs 202 crore in Q2FY17 on a yearly basis. Its net profit has increased by 12.56 per cent to Rs 47.51 crore in Q2FY17 on a year-on-year basis.
The share price of Gitanjali Gems has increased by 9.9 per cent on bourses in early trades; and is trading at Rs 66.65 on an intraday basis.
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