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Shree Ganesh Jewellery ropes in anchor investors
Kolkata-based Shree Ganesh Jewellery House, an exporter of handcrafted gold jewellery, has received a committment of nearly Rs 65 crore from anchor investors.
Kolkata-based Shree Ganesh Jewellery House, an exporter of handcrafted gold jewellery, has received a committment of nearly Rs 65 crore from anchor investors, prior to the issue opening.
Anchor investors, which included IFCI, India Max Investment Fund and Bank Muscat India Fund, have subscribed for 24,99,975 equity shares at Rs 260 per equity share, at lower end of price band of Rs 260-270.
The 142,69,831 equity shares issue will close on March 23. The company plans to raise around Rs 371-385.3 crore at a price band of Rs 260-270 a share.
The issue comprises a fresh issue of 1,21,36,497 shares by the company and sale of 21,33,334 equity shares by Credit Suisse, which is offloading a part of 11% stake bought for USD 20 million in March 2008.
Anchor Investor (AI)
Equity Shares
% of AI Portion
IFCI Ltd
1153825
46.15
India Max Investment Fund Ltd
384625
15.39
Bank Muscat India SOAG A/c Bank Muscat India Fund
961525
38.46
Total
2499975
100
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.
Axis Bank Limited, ICICI Securities Ltd and Avendus Capital Pvt Ltd are the book-running lead managers for the IPO.
