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Tribhovandas Fixes IPO Price Band

Jewellery retailer in India Tribhovandas Bhimji Zaveri Ltd. has fixed the initial public offering or IPO of Rs.120-Rs.126 apiece.

The company is entering the capital market on April 24, 2012 with an IPO of 16,666,667 equity shares of Rs.10 each for cash. The issue will constitute 25 percent of the post-paid up capital of the company. The issue closes on April 26, 2012.

The company plans to utilize the IPO proceeds to finance establishment of new showrooms and finance working capital requirements. The company also plans to use around Rs.20 crore from the net proceeds to open nine new large format showrooms by the end of fiscal 2013. These new showrooms will be established in Aurangabad, Gandhidham, Hyderabad, Kolkata, Nagpur, Vadodara, Valsad and Visakhapatnam.

The jewellery company plans to open 43 additional showrooms, which include 25 large format 'high street' showrooms and 18 small format 'high street' showrooms by the end of fiscal 2015. After expansion, TBZ will have 57 showrooms spread across 14 States.

The Book Running Lead Managers to the Issue are IDFC Capital Ltd. and Avendus Capital Pvt. Ltd.

by RTTNews Staff Writer

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