C Mahendra Exports to list shares on Jan 20

Diamond jewellery player C Mahendra Exports has fixed January 20 as a listing date for its equity shares. It has set an issue price at higher end of price band of Rs 95-110 a share.

The company raised Rs 165 crore through issue of 1.5 crore equity shares, which was subscribed 2.78 times,.

Issue proceeds will be used for setting up of a diamond processing unit at Gujarat Hira Bourse, SEZ, Ichchhapore, Surat; setting up a jewellery manufacturing unit at Mumbai; setting up retail outlets; brand development expenses and investment in capital of C Mahendra BVBA.

Group is an integrated diamond and diamond jewellery player encompassing sourcing of rough diamonds, trading of rough and polished diamonds, processing of diamonds and manufacture of diamond jewellery.