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Goenka Diamond Invests in Gem Gold Mines

Aug 6, 2012 7:24 AM   By Dilipp S Nag
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RAPAPORT... Goenka Diamond & Jewels Ltd. has invested $878,924 (INR 49 million) in Gem Gold Mines Private Ltd. by subscribing in the company’s 12 percent optionally convertible debentures (OCD).

Goenka Diamond stated that the debentures are convertible into equity shares or redeemable at anytime beginning 30 days from the date of issue of August 3, 2012 and ending three years from the date of issuance and allotment of the debenture.

Upon conversion, based on the current capital structure, the OCD could fetch Goenka Diamond 20 percent to 70 percent of the equity stake in Gem Gold Mines, the company noted.

Goenka Diamond is in the business of cutting and polishing diamonds and manufacturing and retailing of diamond jewelry under the CERES and G WILD brands. The company supplies polished diamonds primarily to wholesalers, jewelry manufacturers, traders and retailers based out of Hong Kong, South East Asia, the U.S., India and other countries.

*Note: All data was published in rupee. Any references to U.S. dollar amounts were made according to exchange-rate conversions by Rapaport News.
Tags: Dilipp S Nag, Gem Gold Mines, Goenka Diamond, India, Rapaport
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