Renaissance Jewellery sets IPO price band between Rs 125-150
Leading exporter of studded gold and platinum jewellery Renaissance Jewellery has set a price band of Rs 125-150 per share for its initial public offering (IPO) to raise up to Rs 80 crore.
By PTI |
MUMBAI: Leading exporter of studded gold and platinum jewellery Renaissance Jewellery on Wednesday said it has set a price band of Rs 125-150 per share for its initial public offering (IPO) to raise up to Rs 80 crore.
The IPO comprises 53,24,240 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building process along with one detachable warrant for every two equity shares allotted by the company.
The issue will constitute 29 per cent of the fully diluted post-issue paid-up equity share capital of the company prior to exercise of detachable warrants. It will constitute 37.99 per cent of the paid-up equity share capital of the company after exercise of detachable warrants, assuming full exercise of detachable warrants.
"The proceeds of the issue, amounting to about Rs 80 crore at the top end of the price band, would be utilised to fund the capacity expansion of its jewellery units at Bhavnagar and Mumbai and invest in its US subsidiary, Renaissance Jewellery New York, Inc. (RJNY)," Renaissance Jewellery Managing Director Sumit Shah told reporters here.
The IPO comprises 53,24,240 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building process along with one detachable warrant for every two equity shares allotted by the company.
The issue will constitute 29 per cent of the fully diluted post-issue paid-up equity share capital of the company prior to exercise of detachable warrants. It will constitute 37.99 per cent of the paid-up equity share capital of the company after exercise of detachable warrants, assuming full exercise of detachable warrants.
"The proceeds of the issue, amounting to about Rs 80 crore at the top end of the price band, would be utilised to fund the capacity expansion of its jewellery units at Bhavnagar and Mumbai and invest in its US subsidiary, Renaissance Jewellery New York, Inc. (RJNY)," Renaissance Jewellery Managing Director Sumit Shah told reporters here.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
