P N Gadgil Jewellers Ltd, has received Sebi's go-ahead to raise funds through Initial Public Offerings (IPOs), an update with the markets regulator showed on Tuesday.
In Sebi's parlance, obtaining the observation letters means it's going ahead to float the public issue.
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 OFS of equity shares to the tune of Rs 250 crore by a promoter SVG Business Trust, according to the draft prospectus.
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.
P N Gadgil Jewellers Ltd will be listed on the BSE and NSE.
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