Nakshatra World files IPO papers with SEBI
Shital Jibhe / 14 Mar 2017
Gitanjali Gems' arm, Nakshatra World,the branded jewellery retailer has filed the draft red herring prospectus with the capital market watchdog, Securities and Exchange Board of India for an IPO.
Gitanjali Gems' arm, Nakshatra World,the branded jewellery retailer has filed the draft red herring prospectus with the capital market watchdog, Securities and Exchange Board of India for an IPO.
The company had already expressed its intentions and plans to raise Rs 650 crores via an exchange notification, back in December 2016.
Gitanjali's network of own stores,shop-in-shops and franchise outlets spans across 200 cities and 3000 points of sale, according to the company's latest annual report. It is involved in trading, manufacturing,import and export, cutting & polishing of diamonds; and making diamond studded jewellery and plain gold jewellery.
The proposed IPO is subject to requisite approvals,market conditions and other relevant considerations,stated the company.
Gitanjali Gems has seen slightly weak movements, falling over 13 percent in the past one month, while its 3-day fall was seen at 4 percent. On Friday, the stock closed down by 2.40 percent at Rs 63.35 on the BSE.
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