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Last Updated : Mar 01, 2018 11:16 AM IST | Source:

Nirav Modi hired PwC, IDFC Bank, Moelis, Jefferies as bankers to initiate IPO: Report

The report did not specify the name of the company which was due for an IPO.

Moneycontrol News @moneycontrolcom

Diamond merchant Nirav Modi, accused in the nearly Rs 12,500 crore fraud case at Punjab National Bank (PNB), had hired companies to help advise and manage the initial public offering (IPO) of one of the group companies, according to a Mint report.

Nirav Modi had hired PwC India, Moelis & Co., IDFC Bank and Jefferies. This indicates that his plans for an IPO were at an advanced stage.

While the Mint report, which cited three sources, did not specify the name of the company which was to go public, an Economic Times report suggested Nirav Modi's flagship company Firestar Diamonds, a unit of Firestar International, was due to go public this year. However, the company filed for bankruptcy at a New York court Wednesday.

PwC India was hired as the restructuring adviser, while Moelis & Co was appointed to advice on corporate governance and structure, the report says.

IDFC Bank and Jefferies India were hired to manage the share sale.

"In 2017, we were engaged by Firestar International Ltd (FIPL) and Firestar Diamond International Pvt. Ltd (FDIPL) to advise on tax/regulatory implications in connection with their segregation of retail business and manufacturing facility as well as readiness for a future IPO," a spokesperson for PwC India told Mint.

The report adds a Moelis & Co spokesperson in New York declined to comment. IDFC Bank and Jefferies have not responded yet.
First Published on Mar 1, 2018 11:16 am
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