Mumbai : Kerala based Kalyan Jewellers has received market regulator Sebi’s
approval to float Rs 1750 crore initial public offer just two months
after filing draft red herring prospectus.
Kalyan Jewellers has 137 retail stores spread across India and the
Middle East. Besides 100 plus stores across 21 states in India, as on
June 30, 2020 Kalyan Jewellers had 30 showrooms in the Gulf
Cooperation Council countries spread across UAE, Qatar, Kuwait and
Oman.
The IPO comprises the issue of fresh equity shares aggregating up to
Rs 1,000 crore and an offer for sale worth Rs 750 crore, according to
the DRHP.
Kalyan Jewellers' promoter T S Kalyanaraman proposes to off load
shares worth up to Rs 250 crore, while Highdell Investment would sell
shares aggregating up to Rs 500 crore through the OFS route.
The proceeds from the fresh issue of shares would be utilised for
working capital requirements and general corporate purpose
Axis Capital, Citigroup Global Markets India, ICICI Securities and SBI
Capital Markets are the merchant bankers managing the public offer.
