P N Gadgil-promoted PNGS Reva Diamond Jewellery has filed preliminary papers with the capital markets regulator SEBI to raise up to Rs 450 crore via initial public offering (IPO).
As per the draft papers filed on June 17, the IPO will comprise of solely fresh issue.
The company offers gold and platinum jewellery made using diamond and precious and semi-precious stones under the flagship brand - Reva.
Promoters own 87.4 percent stake in the company including P N Gadgil & Sons' 19.24 percent shareholding. Public shareholders hold 12.55 percent stake.
In January this year, corporate promoter P N Gadgil & Sons, the gold and silver jewellery retailer, has restructured its business by disinvesting diamond jewellery segment via a slump sale, in favour of PNGS Reva Diamond Jewellery that now independently operates in the diamond jewellery industry.
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With 33 stores across 25 cities in Maharashtra, Gujarat and Karnataka, Reva Diamond plans to spend Rs 286.6 crore out of IPO proceeds for setting-up of 15 new stores, and Rs 35.4 crore for marketing and promotional expenses. The remaining funds will be utilised for general corporate purposes.
Smart Horizon Capital Advisors is appointed as merchant banker for handling PNGS Reva Diamond Jewellery IPO.
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