Business Standard

Tara Jewels IPO to open on Nov 21

The issue, which will close on November 23, comprises fresh equity shares worth Rs 197.5 crore and an offer for sale of Rs 70 crore worth of shares

Related News

Jewellery manufacturer and exporter Tara Jewels today said it had fixed the price band for its at Rs 225-230 a share, which will open for subscription on November 21.

The issue, which will close on November 23, comprises fresh equity shares worth Rs 197.5 crore and an offer for sale of Rs 70 crore worth of shares by Fabrikant H K Trading, the Mumbai-based company's Chairman and Managing Director Rajeev Vasant Sheth told reporters here.

Of the total funds raised from the proposed initial public offering (IPO), Rs 70 crore will be for offer for sale to Fabrikant H K Trading, the balance will be used for funding the retail expansion in the country, repay debt and working capital, he said.

The company conducts jewellery retail operations in the domestic market under the brand 'Tara Jewellers' and currently has 30 existing stores spread mainly in west, central and the north.

"We are planning to an additional 20 retail stores by the end of this financial year mostly in the north and the central region. These stores will be in tier I, II, III and IV cities catering to the middle class," he added.

The company primarily exports to Australia, China, Canada, European Union, South Africa, UAE, the UK, and US.

Going forward, the company will explore export opportunities in South and Central America, he said.

The company has four manufacturing units, three in Mumbai and one in China, he said.

Net profit of the company rose 33% year-on-year to Rs 54.13 crore and total revenue increased 22.5% to Rs 1,401.05 crore in FY'12.

Sheth, who is also the promoter, holds 73.15% stake in the company while Fabrikant HK Trading and Crystalon Finanz AG hold 16.36% and 9.09% stake, respectively.

Enam Securities Private and ICICI Securities are book running lead managers to the issue, while Link Intime India is the registrar to the issue.

The equity shares are proposed to be listed on the  and National Stock Exchange of India.

Read more on:   
|
|
|

Read More

Bharti Infratel IPO opens on Dec 11

The Rs 4,500-crore initial public offering (IPO) of Bharti Infratel will open on December 11. The company's prospectus were cleared by the Securities ...

Quick Links

 

Market News

Aluminium up 0.28% up on firm global trends

Higher offtake in domestic spot markets supports uptrend

Religare acquires Prime's portfolio management business

T S Anantakrishnan and team moves to Religare

PSU banks extend gain; Union Bank surges 14% in two days

SBI, PNB, Bank of Baroda, Bank of India, Canara Bank, Union Bank of India and Syndicate Bank are up 2-4% on NSE.

Sensex up over 100 points; SBI up nearly 3%

Markets edged higher led by state-owned banking major SBI and index heavyweights RIL and Infosys

Sugar shares in demand

Balrampur Chini, Bajaj Hindustan, Shree Renuka Sugars, Dhampur Sugar and Mawana Sugars are up 4-8% on BSE.

Back to Top