Shree Ganesh sets IPO price band at Rs 260-270/sh

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Jewellery maker and exporter Shree Ganesh Jewellery House has set a price band of Rs 260-270 per share for its 14.2-million-share initial public offering.

The offer, which comprises a fresh issue of 12.1 million shares and sale of 2.1 million shares by private equity investor Credit Suisse PE Asia Investments (Mauritius), will raise Rs 3.86 billion at the upper end of the price band.

Credit Suisse holds a 10.99% stake with 5.2 million shares in the company.

The issue will constitute 23.52% of the fully diluted post-issue, paid-up capital and the fresh issue will constitute 20% of the fully diluted post-issue, paid-up capital of the company.

The issue opens March 19 and closes on March 23.

The firm plans to raise funds to expand manufacturing and retail operations and diversify into newer products and geographies and has planned a capital expenditure of Rs 1.45 billion for the upcoming fiscal year.