Gitanjali Gems surges on US acquisition
Shares of Gitanjali Gems surged on Tuesday after the jewellery maker’s US arm acquired a major stake in New York-based diamond jewellery maker Diamlink Inc.
By ET Bureau |
MUMBAI: Shares of Gitanjali Gems surged on Tuesday after the jewellery maker���s US arm acquired a major stake in New York-based diamond jewellery maker Diamlink Inc.
���Gitanjali USA Inc, a wholly-owned subsidiary of the company, has acquired 51 per cent stake in Diamlink Inc," the company said in a notice to the BSE.
However, the company did not disclose any financial details in this regard.
"By virtue of this acquisition Diamlink has become a step down subsidiary of the company," it added. Diamlink is engaged in the business of diamond and diamonds studded jewellery.
At 11 am, the stock was trading at Rs 97.60, up 5.34 per cent on the BSE.
���Gitanjali USA Inc, a wholly-owned subsidiary of the company, has acquired 51 per cent stake in Diamlink Inc," the company said in a notice to the BSE.
However, the company did not disclose any financial details in this regard.
"By virtue of this acquisition Diamlink has become a step down subsidiary of the company," it added. Diamlink is engaged in the business of diamond and diamonds studded jewellery.
At 11 am, the stock was trading at Rs 97.60, up 5.34 per cent on the BSE.
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