The company further highlighted that this is the largest single LOI received by it.
The venture aims to cater to discerning consumers seeking design-led, bespoke, and high-quality jewelry.
The Noida-based IKIO Lighting manufactures light-emitting diode (LED) lighting solutions was incorporated in the year 2016 and is primarily an original design manufacturer (ODM).
The company said that it will complete the project within a period of five years.
Nifty Auto index registered a gain of about 1%.
The business will be set up under a new venture ‘Novel Jewels Ltd.'
On the sectoral front, the Nifty IT index is trading 2.23% lower.
As per the company, the buyback offer size is 4.91% of the total equity shares.
On Monday, it was revealed that a second VRRR auction for 1 trillion rupees would take place, this one lasting only four days.
The Wonderla Holidays Ltd stock has delivered a return of 62.15 % over the past five years.