Gitanjali gets shareholders nod to raise $250 million

Gitanjali Gems today said it has received shareholders' approval to raise up to $250 million through through various routes including foreign currency convertible bonds and qualified institutional placement.

The company has received shareholders' approval through postal ballot process for its special resolution, the branded jewellery company said in a filing to the Bombay Stock Exchange (BSE).

The special resolution was to issue equity shares through various routes like Qualified institutional placement (QIPs), global depositary receipt (GDR) and Foreign Currency Convertible Bonds or any other securities compulsorily convertible into equity shares up to $250 million.

Gitanjali has brands such as Nakshatra, Asmi, Gilli and D'Damas.

Shares of the company rose by 1.27 per cent to settle at Rs 602.10 on the BSE today.