MUMBAI, Nov 14 (Reuters) - Renaissance Jewellery Ltd said on
Wednesday it has set a price band of 125-150 rupees a share for
its initial public offering of 5.32 million equity shares,
constituting 29 percent of the post-issue paid-up share capital.
The proceeds of the issue, amounting to about 799 million
rupees at the top end of the price band, would be used to fund
the capacity expansion of its jewellery units and invest in its
US subsidiary, Renaissance Jewelry New York, Inc.
The subsidiary would cater to independent, mid-range
retailers in the US.
Renaissance, which makes and sells studded gold, platinum and
silver jewellery, is mainly focused on the US which accounts for
over 95 percent of its revenue. It also has retail stores in
India.
In FY07, the company reported a net profit of 204.3 million
rupees on a total income of 3.9 billion rupees.
Edelweiss Capital is the lead manager to the issue which
opens on November 19 and closes on November 21.
(Reporting by Jasudha Kirpalani, Editing by Sunil Nair)
(([email protected]; +91 22 5636 9028; Reuters
Messaging: [email protected] ))
Keywords: RENAISSANCE IPO/