Gitanjali Gems Ltd plans to raise Rs. 175 crore for expansion.

Gitanjali Gems Ltd. recently said it plans to raise up to Rs. 175 crore through issue of warrants for expansion of diamond and jewellery business globally.

In a BSE filing, the company said the Board of Directors has decided to seek approval of shareholders through postal ballot 'to raise funds up to Rs. 175 crore by issue of convertible warrants to persons other than promoters by way of preferential allotment...'.

'The funds will be used for expansion of our diamond and jewellery business across the world,' the company's Managing Director Mehul Choksi told PTI.

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