Nakshatra World files for IPO with SEBI

Gitanjali Gems subsidiary Nakshatra World has announced filing of its draft red herring prospectus (DRHP) with the capital market regulator for initial public offering.

In a notification to the exchanges, the company informed about the filing of the prospectus to the Securities and Exchange Board of India (SEBI) as well as both the exchanges, reported the Moneycontrol.

Earlier in December 2016, the company outlined its plan to raise close to Rs. 650 crore, subject to regulatory approvals.

The board of directors of the company also approved the proposal of public offering of equity shares of Nakshatra World and dilution of its stake consequent to initial public offer.

As per the company website, the focus has always been on manufacture and distribution of branded studded jewellery, gold jewellery and other jewellery products in India and overseas.

The operations are carried at eight manufacturing facilities located in Mumbai, Jaipur, Surat and Hyderabad.

Gitanjali Gems has seen slightly weak movements, falling over 13 percent in the past one month, while its three day fall was seen at four percent.