January 07, 2011 / 09:06 IST
Diamond jewellery player C Mahendra Exports' initial public offering (IPO), which closed today, subscribed 2.78 times, as per data available on exchange. The issue has received bids for 4.17 crore equity shares as against issue size of 1.5 crore shares.
Reserved portion of non-institutional and retail investors was subscribed 3.92 times and 4.82 times, respectively. Qualified institutional investors' portion subscribed 1.02 times. A price band for the issue was set at Rs 95-110 a share. 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.C Mahendra aims to raise Rs 165 crore through this issue at higher end of price band of Rs 95-110 a share. 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. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
