P N GADGIL JEWELLERS RECEIVES SEBI’S GO-AHEAD TO FLOAT IPO
30th July 2024
P N Gadgil Jewellers Ltd has received SEBI’s go-ahead to raise funds through an Initial Public Offering (IPO), an update with the markets regulator showed on Tuesday.
IPO Details
The Rs 1,100-crore IPO of jewellery retail chain P N Gadgil Jewellers Ltd is a combination of a fresh issue of equity shares worth up to Rs 850 crore and an Offer For Sale (OFS) of equity shares to the tune of Rs 250 crore by a promoter SVG Business Trust, according to the draft prospectus.
Utilization of Proceeds
Of the IPO proceeds of Rs 850 crore, a total of Rs 387 crore will be utilised for the funding of expenditure towards setting up 12 new stores in Maharashtra, Rs 300 crore for payment of a debt, besides a portion will also be used for general corporate purposes.
