Kalyan Jewellers receives Sebi's approval for floating Rs1,750cr worth initial public offering

Kalyan Jewellers' public offering comprises of fresh issue amounting to Rs1,000cr and about Rs750cr worth offer for sale (OFS).

Oct 20, 2020 04:10 IST India Infoline News Service

Indian jewellery showroom chain, Kalyan Jewellers has received market regulator Sebi's approval for raising somewhat Rs1,750cr through an initial public offering. The company had filed the Draft Red Herring Prospectus (DRHP).

Kalyan Jewellers' public offering comprises of fresh issue amounting to Rs1,000cr and about Rs750cr worth offer for sale (OFS).

As per the draft prospectus, Kalyan Jewellers' promoters namely T S Kalyanaraman and Highdell Investment Ltd will be offloading about Rs250cr and Rs500cr worth equity shares held in the company through OFS.

The company plans to utilize proceeds from the fresh issue for the working capital requirement and general corporate purposes.

Ventured into jewellery retailing since 1993, Kalyan Jewellers have 137 showrooms spread across India and GCC as of June 2020. 

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