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Business News/ Markets / Ipo/  Kalyan Jewellers gets go ahead for 1,750 crore IPO
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Kalyan Jewellers gets go ahead for ₹1,750 crore IPO

Kalyan Jewellers' promoter T S Kalyanaraman would be offloading shares worth up to ₹250 crore
  • The proceeds from the fresh issue of shares would be utilised for working capital requirements and general corporate purpose
  • Kalyan Jewellers designs, manufactures and sells a wide range of gold, studded and other jewellery productsPremium
    Kalyan Jewellers designs, manufactures and sells a wide range of gold, studded and other jewellery products

    Kalyan Jewellers India Ltd has received capital markets regulator Sebi's go ahead to raise an estimated 1,750 crore through an initial share-sale. The IPO comprises issuance of fresh equity aggregating up to 1,000 crore and an offer for sale (OFS) worth 750 crore, according to the Draft Red Herring Prospectus (DRHP).

    Kalyan Jewellers' promoter T S Kalyanaraman would be offloading shares worth up to 250 crore, while Highdell Investment Ltd would sell up to 500 crore worth of shares through the OFS route. Kalyan Jewellers, which filed draft papers for IPO in August, obtained Sebi's observations on October 15, an update with the regulator showed on Monday. Sebi's observations are necessary for any company to launch public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue.

    The proceeds from the fresh issue of shares would be utilised for working capital requirements and general corporate purpose. At the end of June this year, the company had 107 showrooms across 21 states and Union Territories in India, and 30 showrooms in the Middle East. Kalyan Jewellers designs, manufactures and sells a wide range of gold, studded and other jewellery products.

    Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI Capital Markets are the global co-ordinators and book running lead managers to the offer. Last month, the capital markets watchdog had sought clarification from the merchant banker regarding the company's public issue.

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    This story has been published from a wire agency feed without modifications to the text.

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    Published: 19 Oct 2020, 04:23 PM IST
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