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C Mahendra Exports plans public offer to set up retail outlets

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C Mahendra Exports Limited, the flagship company of C Mahendra Group, an integrated diamond and diamond jewellery player, has planned to enter the capital markets with a public issue of 13,000,000 equity shares of Rs 10 each, for funding its plans to open jewellery retail outlets and a diamond processing unit at SurSEZ.

The company plans to take the route through 100 per cent book-building process and has filed its draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for the purpose. The equity shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

According to the company’s official release, 50 per cent of the issue will be available for allocation to qualified institutional bidders on a proportionate basis, of which 5 per cent shall be available to mutual funds only. Further, up to 15 per cent shall be available for allocation on a proportionate basis to non-institutional investors, and around 35 per cent for allocation on a proportionate basis to retail individual investors.

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