Ganesh Jewellery to raise Rs 300 cr through IPO

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Shree Ganesh Jewellery House today said it will raise Rs 300 crore through an initial public offer to fund its expansion plans.

"We are expecting the IPO this fiscal," Chairman of the firm Nilesh Parekh told reporters here.

He said the company intends to raise Rs 300 crore, out of which Rs 150 crore would be invested in setting up plants at Bomjur (diamond studded jewellery)and Mondalpara (plane and studded jewellery) in West Bengal. It also intends to invest in its Manikaran SEZ.

Parekh said the company is also planing to invest about Rs 50 crore in retail business, while Rs 40-Rs 50 crore would be earmarked as working capital.

"We would like to acquire a chain of retail stores in Middle East that will increase our exports in the region," he said.

The firm exports a significant portion of its products to several world markets, including UAE, Singapore and Hong Kong.