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Kalyan Jewellers gets Sebi’s go ahead to float Rs 1,750 crore IPO, Retail News,

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

Kalyan Jewellers’ promoter T S Kalyanaraman would be offloading shares worth up to Rs 250 crore, while Highdell Investment Ltd would sell up to Rs 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.

Read More: Kalyan Jewellers gets Sebi’s go ahead to float Rs 1,750 crore IPO, Retail News,

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