Goenka Diamond and Jewels sets Rs 135-Rs 145 per share IPO price band

Issue opens on 23 March 2010

Goenka Diamond and Jewels has fixed a price band of Rs 135-145 per share for its initial public offering (IPO) of 1 crore equity shares.

The issue will open for subscriptions on 23 March 2010 and close on 26 March 2010. The IPO will constitute 30.93% of the fully diluted post issue paid up capital of the company.

Promoters' holding will be reduced to 69.07% from 100%. Nand Lal Goenka, Navneet Goenka and Nitin Goenka are main promoters of this company. They will dilute their stake to 55.27% from 80.01% via this issue.

Goenka Diamond and Jewels is engaged in the business of cutting and polishing of diamonds and manufacturing and retailing of diamond jewellery.

The company aims to utilise the issue proceeds for meeting the expenses of establishing retail diamond jewellery stores, to meet working capital requirements of the jewellery business, to establish a jewellery manufacturing facility and a diamond processing facility in Mumbai.