Tribhovandas Bhimji files for 2-bln-rupee IPO | business | Hindustan Times
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Tribhovandas Bhimji files for 2-bln-rupee IPO

business Updated: Jan 27, 2011 20:09 IST

Reuters
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Jewellery retailer Tribhovandas Bhimji Zaveri Ltd has filed an application with the market regulator for an initial public offering of up to 2 billion rupees ($44 million).

The issue for 16.7 million shares would constitute 25% of its post-issue paid-up equity capital and the proceeds would be used for setting up new showrooms and for meeting working capital requirements.

IDFC Capital Ltd and Avendus Capital Private Ltd are the book running lead managers to the issue.

Tribhuvandas, which sells gold and diamond jewellery, currently has 14 showrooms and plans to open another 44 by fiscal 2014.