Gitanjali Gems Soars 10% On Subsidiary's Rs 650 Crore IPO Plan
New Delhi: Gitanjali Gems shares surged 10 per cent after its subsidiary Nakshatra World notified the decision of raising up to Rs 650 crore through an IPO.
On BSE, the stock opened at Rs 65.20 and soared 9.89 per cent to touch an early high of Rs 68.85.
"Nakshatra World Ltd, a wholly owned subsidiary of Gitanjali Gems Ltd, has decided to raise funds through an initial public offer (IPO) of shares for an overall amount of not exceeding Rs 650 crore", Gitanjali Gems said in a BSE filing yesterday.
The proposed plan is subject to requisite statutory and other approvals, procedures, market conditions and other relevant considerations.
The draft red herring prospectus (DRHP) will be filed by Nakshatra World with markets regulator Sebi as and when it is approved by the company's board.
As of 2:11 p.m., Gitanjali Gems traded 6.47 per cent higher at Rs 66.65, outperforming the Nifty which was trading on a flat note.
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