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Gitanjali Gems shares up 4% after Sebi's nod for IPO

Press Trust of India  |  New Delhi 

of rose nearly 4 per cent today after its arm Nakshatra World received markets regulator Sebi's go-ahead to float an initial public offering.

The stock jumped 3.74 per cent to settle at Rs 68 on During the day, it went up 7.93 per cent to Rs 70.75.

At NSE, of the company rose 3.42 per cent to end at Rs 67.95.

In terms of volume, 2.71 lakh of the company were traded on and over 13 lakh changed hands at during the day.

The company had filed draft red herring prospectus (DRHP) with in March and obtained its 'observations' on June 9, which are necessary for launching any public offer, as per the latest update.

Going by the draft papers, the IPO comprises 1.8 crore equity of Nakshatra World, which offers jewellery under the brands Nakshatra, Gili, Asmi, Sangini, Diya, Parineeta and Rivaaz.

While the exact size of the IPO could not be ascertained, had in December last year announced that Nakshatra World would raise up to Rs 650 crore through an IPO.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 14 2017. 16:43 IST