Meru Investment Fund PCC-Cell 1 bought 46 lakh equity shares amounting to Rs 25.3 crore, and Zinnia Global Fund PCC-Cell Dewcap Fund purchased 20 lakh shares valued at Rs 11 crore.
FinTech BizNews Service
Mumbai, December 16, 2023: Jaipur-based jewellery retailer Motisons Jewellers mobilised Rs 36.3 crore from anchor investors on December 15, a day before the opening of the issue. Only two investors participated in the anchor book.
The public issue will open for subscription on December 18 and the last day will be December 20. Meru Investment Fund PCC-Cell 1 bought 46 lakh equity shares amounting to Rs 25.3 crore, and Zinnia Global Fund PCC-Cell Dewcap Fund purchased 20 lakh shares valued at Rs 11 crore. The Chhabra family-owned jewellery maker intends to raise a total of Rs151.09 crore through its initial public offering at the upper price band, comprising only a fresh issue component of 2.74 crore equity shares.
The price band for the offer has been fixed at Rs52-55 per share.
Of the net fresh issue proceeds, Rs58 crore will be utilised for repayment of debt and Rs71 crore for working capital requirements. And the remaining will be set aside for general corporate purposes going ahead. In addition to the aforementioned fundraising strategy, Motisons, which operates a network of four jewelry showrooms in the vibrant Pink City, has already secured Rs33 crore through a pre-IPO placement at the same valuation, preceding the submission of a red herring prospectus to the Registrar of Companies (ROC).
