Gitanjali Gems Rises 4% On SEBI Nod For Nakshatra IPO

Gitanjali Gems has extended its gains of the past few days in Wednesday’s trading session. The stock was trading higher by around 4.35% at Rs 68.4 per share. It has touched its intraday high of Rs 70.75 per share up by 7.9%.

The stock has gained on the back of SEBI’s nod for the IPO of its subsidiary.

The subsidiary of Gitanjali Gems, Nakshatra World has received capital markets regulator, Securities and Exchange Board of India’s (SEBI) permission to float an Initial Public Offering (IPO).

The issue consists of 1.8 crore equity shares of Nakshatra World. Gitanjali Gems Limited is engaged in the trading, manufacturing, import and export of diamond cutting and polishing, diamond studded jewellery and plain gold jewellery.

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