02 January 2011

Diamond jewellery player C Mahendra Exports IPO opened for subscription at a price band set at Rs 95-110 for a minium of 60 equity shares and in multiples of 60 shares and will close on January 06, 2011

The initial public offering of diamond jewellery player C Mahendra Exports has opened for subscription today. A price band is set at Rs 95-110 a share for its initial public offering (IPO) of 150 lakh equity shares.
The issue will close for subscription on January 06, 2011. Bids can be made for a minium of 60 equity shares and in multiples of 60 shares thereafter.
C Mahendra Exports IPO opens for subscription

The issue will constitute 25% of the fully diluted post issue paid-up equity share capital of the company. Equity shares issue via public issue are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.
Group is an integrated diamond and diamond jewellery player encompassing sourcing of rough diamonds, trading of rough and polished diamonds, processing of diamonds and manufacture of diamond jewellery.
Issue proceeds will be used for setting up of a diamond processing unit at Gujarat Hira Bourse, SEZ, Ichchhapore, Surat; setting up a jewellery manufacturing unit at Mumbai; setting up retail outlets; brand development expenses and investment in capital of C Mahendra BVBA.
Anand Rathi Advisors Limited and YES Bank Limited are book running lead managers to the issue.

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