Kerala-based jewellery retail chain Joyalukkas India Ltd has filed draft papers with Securities Exchange Board of India (SEBI) to raise around Rs 2300 crore via initial public offerings. The proceeds from the issue worth Rs 1,400 crore will be used to repay debt. As of February 28, 2022, the total outstanding debt of the firm was at Rs 1,524.47 crore.

The firm also plans to use Rs 463.90 crore for financing the opening of the new showrooms. The firm operates 85 showrooms under the “Joyalukkas” brand located across 68 cities in India with an aggregate area of approximately 344,458 square feet, as of January 31, 2022. Of these 85 showrooms, six are large-format showrooms (with an area of 8,000 square feet or more), including the largest showroom at Chennai, Tamil Nadu that has an area of over 13,000 square feet.

News Source:- Moneycontrol