Flawless Diamond to raise Rs 100 cr; mulls restructuring biz

Jewellery maker Flawless Diamond today said it will raise Rs 100 crore by way of equity and debt to fund its expansion plans.     

In a filing to the Bombay Stock Exchange the company said its board has approved the raising of funds through a mix of debt and equity by Rs 100 crore for expanding operations.     

The board has also approved the transfer of company's retail business of designer jewellery into a separate subsidiary with an intention of listing it on the stock exchanges at a later date.     

"Global scenario of diamond market is improving and exports demand has started flowing in the system. Stability in the domestic market will ultimately give a boost to the exports thrust area like diamond and designer jewellery business," Flawless Diamond Managing Director Bhawar U Jain said.     

 

Shares of the company were trading at Rs 36.20, down 0.82 per cent on the BSE.