New Delhi: Gitanjali Gems opened on a positive note at bourses today as it surged nearly 10 per cent after its subsidiary Nakshatra World notified the decision of raising up to Rs 650 crore through an IPO.
On BSE, the stock opened at Rs 65.20 and soared 9.89 per cent to touch an early high of Rs 68.85. At 1320 hours, it was trading at Rs 66.60, up 6.30 per cent from the previous close. It opened at Rs 66 on NSE and climbed 9.98 per cent to Rs 68.85. At 1320 hours, it was trading at Rs 66.50, up 6.23 per cent from the previous close.
"Nakshatra World Ltd, a wholly owned subsidiary of Gitanjali Gems Ltd, has decided to raise funds through an initial public offer (IPO) of shares for an overall amount of not exceeding Rs 650 crore", Gitanjali Gems said in a BSE filing yesterday.
The proposed plan is subject to requisite statutory and other approvals, procedures, market conditions and other relevant considerations. The draft red herring prospectus (DRHP) will be filed by Nakshatra World with markets regulator Sebi as and when it is approved by the company's board.