Tara Jewels' Rs 180-cr IPO to open on November 21
Mumbai-based jewellery manufacturer and exporter Tara Jewels is set to launch its initial public offering of Rs 179.5 crore for subscription on November 21, 2012.
November 19, 2012 / 16:54 IST
Mumbai-based jewellery manufacturer and exporter Tara Jewels is set to launch its initial public offering of Rs 179.5 crore for subscription on November 21, 2012. The price band has been fixed at Rs 225-230 a share.
The issue, which will close on November 23, consists of a fresh issue of equity shares worth Rs 109.5 crore and an offer for sale of Rs 700 crore worth of shares by Fabrikant H K Trading Limited.Bids can be made for a minimum of 50 equity shares and in multiples of 50 shares thereafter.The company conducts jewellery retail operations under the brand "Tara Jewellers". It currently operates 30 existing stores that spread over an aggregate area of 29,949.01 square feet. Tara Jewels intends to launch 20 project stores across India by March 31, 2013. Fresh issue proceeds are proposed to be used for expenses of establishing retail stores and payment of loans.Net profit of the compaby rose 33 percent year-on-year to Rs 54.13 crore in the year ended March 31, 2012. Total income increased 22.5 percent YoY to Rs 1,401.05 crore during the same year.Currently promoter Rajeev Sheth holds 73.15 percent stake in the company while Fabrikant HK Trading Limited and Crystalon Finanz AG hold 16.36 percent and 9.09 percent stake, respectively.Enam Securities Private Limited and ICICI Securities Limited are book running lead managers to the issue. 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!
