The initial
public offering of diamond jewellery player C Mahendra Exports has
opened for subscription today. A price band is set at Rs 95-110 a share
for its initial public offering (IPO) of 150 lakh equity shares.
The issue will close for subscription on
January 06, 2011. Bids can be made for a minium of 60 equity shares and
in multiples of 60 shares thereafter.
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The issue will constitute 25% of the
fully diluted post issue paid-up equity share capital of the company.
Equity shares issue via public issue are proposed to be listed on Bombay
Stock Exchange and National Stock Exchange.
Group is an integrated diamond and
diamond jewellery player encompassing sourcing of rough diamonds,
trading of rough and polished diamonds, processing of diamonds and
manufacture of diamond jewellery.
Issue proceeds will be used for setting
up of a diamond processing unit at Gujarat Hira Bourse, SEZ,
Ichchhapore, Surat; setting up a jewellery manufacturing unit at Mumbai;
setting up retail outlets; brand development expenses and investment in
capital of C Mahendra BVBA.
Anand Rathi Advisors Limited and YES Bank Limited are book running lead managers to the issue.
src:MC
