Vaibhav Gems N Jewellers to raise funds via IPO

Visakhapatnam: Visakhapatnam-headquartered Manoj Vaibhav Gems 'N' Jewellers Ltd, a leading regional jeweller brand in South India having a presence in Andhra Pradesh and Telangana has filed Draft Red Herring Prospectus (DRHP) with the markets regulator SEBI to raise funds through an initial public offering (IPO).

The public issue with a face value of equity shares of Rs 10 each is a fresh issue of equity shares aggregating up to Rs 210 crore and an Offer for Sale of 43,00,000 equity shares by Grandhi Bharata Mallika Ratna Kumari (HUF), the promoter selling shareholder.

The company, in consultation with the lead bankers to the issue, may consider a further issue of equity shares for cash consideration aggregating up to Rs 40 crore. If such placement is completed, the fresh issue size will be reduced, the company said.