The price band of the upcoming public issue of Shree Ganesh Jewellery House has been fixed at Rs. 260-270. The company made this announcement on Wednesday.

The jewellery house plans to raise close to Rs. 328 crore through this issue. This money is going to be used in the expansion and diversification of the jeweler's operations in India.

142,69,831 equity shares with a face value of Rs. 10 per share will be going up for sale. Out of this 121,36,497 shares will be fresh equity and the rest will be for the PE investor.

The issue will stay open for subscription for five days starting from March 19 and closing on March 23.

Talking about the issue, Umesh Parekh, Managing Director of Shree Ganesh said that it is going to raise huge some of money, which will then be used in the expansion of its facility in Manikanchan SEZ in Kolkata. Besides that, it will also be starting two new manufacturing units in the metro.

Out of the amount, Rs. 100 crore will be going in the setting up of a modern manufacturing unit. This will make only Italian jellwery and will begin operations in six months time.