Company Gitanjali Gems Ltd. expects shareholders to approve capital raising of up to $ 28.7 million (1.75 billion rupees) through the issuance of convertible coupons, the report said, sent to the Bombay Stock Exchange (BSE), Rapaport reports.
"The funds will be used to expand our business of selling diamonds and jewelry worldwide," said Managing Director Mehul Choksi.
It is also reported that the company expects a loan approval of up to $ 1.64 billion (Rs. 100 billion).
The portfolio of jewelry brands Gitanjali includes Gili, Naksharta, D'Damas and Asmi. The company has a retail network of over 4,000 outlets in India, and also operates in the US, UK, China, Japan, Europe and South-East Asia.