The leading jewellery group would be issuing 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 India on 24th August filed draft papers with SEBI for an initial public offering worth Rs.1,750 crore. The leading jewellery group would be issuing 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). The proceeds from the fresh issue of shares would be utilised for working capital requirements and general corporate purpose. Kalyan Jewellers Promoter, Chairman and Managing Director, 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 shares through the OFS route. 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. “… in the long term, we expect the impact of the Covid-19 pandemic to further accelerate the shift of the jewellery market from unorganised players to organised chains such as us, given the conviction consumers are likely to have in the store experience and safety protocols businesses like ours can offer. “We also expect the negative impact of the pandemic to be disproportionately higher for some of our competitors, particularly the smaller jewellers and those operating in the unorganised market,” the DRHP stated. Caption : Kalyan Jewellers Promoter, Chairman and Managing Director, T.S. Kalyanaraman.
Kalyan Jewellers Files Papers For Rs.1,750 Crore IPO
