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

Press Trust of India  |  Mumbai 

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.

RECOMMENDED FOR YOU

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

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.

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.

image

LIVE MARKET

BSE

  ( %)

NSE

  ( %)

Widgets Magazine

More News

STOCK WATCH

Company Price() Chg(%)
I D F C 46.90 11.93
SE Investments 198.00 9.39
Emami 1046.00 6.89
Karnataka Bank 114.70 6.65
V-Guard Inds. 1262.00 6.33
> More on BSE Gainers
Company Price() Chg(%)
I D F C 46.85 11.68
Emami 1047.05 7.04
Karnataka Bank 114.90 7.03
V-Guard Inds. 1257.30 5.22
Jain Irrigation 65.95 5.10
> More on NSE Gainers
Company Price() Chg(%)
Inox Wind 255.75 -12.13
Yamini Invest 25.00 -8.93
Castex Tech 7.29 -4.95
Dishman Pharma. 153.45 -4.72
Hexaware Tech. 216.55 -4.65
> More on BSE Gainers
Company Price() Chg(%)
ABG Shipyard 30.80 -19.90
Inox Wind 255.95 -12.18
Hexaware Tech. 216.30 -4.65
Castex Tech 7.20 -4.64
Dishman Pharma. 153.35 -4.40
> More on NSE Gainers
Widgets Magazine
Widgets Magazine
Widgets Magazine

Derivatives

Index
Instrument Type
Expiry Date
Option Type
Strike Price

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard