Gitanjali Gems soars 7 pc on subsidiary's Rs 650-cr IPO plan

Shares of Gitanjali Gems today surged nearly 7 per cent after its subsidiary Nakshatra World notified the decision of raising up to Rs 650 crore through an IPO..
On BSE, the stock settled 6.70 per cent up at Rs 66.85. It had opened at Rs 65.20 and soared 9.89 per cent to touch intra-day high of Rs 68.85.
Following an uptick in the counter, the market capitalisation of the company rose by Rs 49.82 crore to Rs 792.93 crore.
The scrip ended the day on NSE at Rs 66.80, up 6.71 per cent from its previous close. It had opened at Rs 66 and climbed 9.98 per cent to intra-day high of Rs 68.85.

On volume front, over 33 lakh shares of the company were traded on the exchanges.
"Nakshatra World Ltd, a wholly-owned subsidiary of Gitanjali Gems Ltd, has decided to raise funds through an initial public offer (IPO) of shares for an overall amount of not exceeding Rs 650 crore", Gitanjali Gems said in a BSE filing yesterday.
The proposed plan is subject to requisite statutory and other approvals, procedures, market conditions and other relevant considerations.
The draft red herring prospectus (DRHP) will be filed by Nakshatra World with markets regulator Sebi as and when it is approved by the company's board.