Strange India All Strange Things About India and world

The company may consider a further issue of equity shares aggregating up to Rs 40 crore.New Delhi: Vaibhav Gems N’ Jewellers Ltd, a leading regional jeweller brand in South India, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).The public issue comprises fresh issue of equity shares aggregating up to Rs 210 crore and an Offer-for-Sale (OFS) of 43 lakh equity shares by promoter entity Grandhi Bharata Mallika Ratna Kumari (HUF), according to the draft red herring prospectus (DRHP).Also, the company may consider a further issue of equity shares aggregating up to Rs 40 crore. If such a placement is completed, the fresh issue size will be reduced.Proceeds of the fresh issue will be utilized to finance the establishment of eight new showrooms costing Rs 12 crore and the purchase of inventory worth Rs 160 crore over FY23 and FY24, besides general corporate purposes.Visakhapatnam-headquartered Vaibhav Jewellers offers a wide range of products in gold, diamonds, gems, platinum and silver jewellery or articles. Its sub-brand Visesha caters to a premium segment of gold and diamond jewellery.The company was founded in 1994, and is currently being led by Bharata Mallika Ratna Kumari Grandhi along with her daughter Grandhi Sai Keerthana.As per the Technopak report, in FY21, the company had an approximate market share of 14 per cent of the organised market. Other key players that have presence in Andhra Pradesh and Telangana are– Tanishq, Kalyan Jewellers, Malabar Gold Pvt Ltd, GRT Jewellers and Joyalukkas.In FY 22 its revenue from operations stood at Rs 1,694 crore.Bajaj Capital Ltd and Elara Capital (India) Pvt Ltd are the book running lead managers to the offer. The equity shares will be listed on BSE and NSE. PTI SP DRR(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Source link


Leave a Reply

Your email address will not be published.