With prices of gold and other precious metals touching new highs, companies which are into jewellery business are planning to expand and therefore a company named C Mahendra Exports Ltd is coming with an IPO size of 1.5 Crore equity shares of face value of Rs 10 each. The price band for this issue has been fixed at between Rs 95 to Rs 110 per equity share. The issue opens for subscription on 31st December 2010 and it will close on January 6, 2011. The excepted listing date of this issue will be on or after 18 January on both Bombay Stock Exchange and National Stock Exchange.
C Mahendra Exports Ltd, an integrated diamond and diamond jewellery company encompassing sourcing of rough diamonds, trading of rough and polished diamonds, processing of diamonds and manufacture of diamond jewellery. The company plans to utilize the proceeds of the issue for setting up a diamond processing unit at Gujarat and setting up a jewellery manufacturing unit at Mumbai. The issue will constitute 25% of the fully diluted post issue paid-up equity share capital of the company. ICRA Limited has assigned an IPO rating 2 to C Mahendra Exports Ltd IPO.