Shree Ganesh Jewellery to allot total 1.20 cr shares

Shree Ganesh Jewellery House allotted 12.80 lakh equity shares at Rs 125 each, says Umesh Parekh. It is an address-based fund, very large fund called progress investments, he adds.

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Parekh told CNBC-TV18, the total number of shares allotted more would be one crore twenty lakh. First 10 percent has been done, he adds.

Below is the verbatim transcript of Umesh Parekh's interview on CNBC-TV18

Q: If you could tell us if you have identified the shareholders to whom you would be allotting these shares?

A: Yes, they are an address-based fund, very large fund called progress investments. We have allotted the shares in the first tranche, 12,80,000 (twelve lakh eighty thousand) shares at Rs 125.

Q: You said that this is the first tranche, so what more by way of this preferential allotment is in store? Could you tell us how much more is the company looking to raise?

A: Yes, the number of shares allotted more would be – total application is for one 1,20,00,000 (one crore twenty lakh) shares. So, the first 10 percent has been done.

Q: And are you going to do the remaining 90 percent allotment to the same fund or are you considering some other investors?

A: No, as of now, this is the fund which is going to invest in our company.