Diamond jewellery manufacturer C Mahendra Exports' initial public offer (IPO) was subscribed 20% by 16:00 IST on day one of bidding for the IPO today, 31 December 2010. The IPO garnered bids for 30.38 lakh shares, compared with 1.5 crore shares on offer.

The price band for the IPO is Rs 95-110 per share. The issue closes on 6 January 2011.

Ratings firm ICRA has assigned an IPO grade 2 to the company's IPO, indicating below average fundamentals.

C Mahendra Exports is into manufacturing and trading of diamonds, precious stones and jewellery. The company plans to use the IPO proceeds to establish a diamond processing unit, a jewellery manufacturing unit, retail outlets and for brand development.

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