The Securities and Exchange Board of India has given the green light to fine jewellery brand P N Gadgil Jewellers Limited to go ahead with its proposed initial public offering, which will contain a fresh issue of equity shares and an offer for sale.
The business plans to use funds raised from its IPO to pay off some of its debts and to expand its retail network, including with brick-and-mortar launches, India Retailing reported. P N Gadgil Jewellers Limited’s fresh issue of equity shares will have a face value of Rs 10 each and this will aggregate to Rs 8.5 billion.
The business’ offer for sale portion of its IPO will see shares have a face value of Rs10 each, to be sold by promoter selling shareholder SVG Business Trust, and this will aggregate to Rs 2.5 billion. With both components of the IPO together, the IPO could total Rs 11 billion.
Following the IPO, P N Gadgil Jewellers Limited plans to open 12 new stores across Maharashtra to further solidify its position in the state’s jewellery sector. The book running lead managers for the IPO are Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, and BOB Capital Markets Limited.
Entrepreneur Purshottam Narayan Gadgil founded PNG Jewellers Private Limited in Sangli, Maharashtra in 1832, according to its website. Today, the jewellery business counts 35 stores spread across the states of Maharashtra and Goa.
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