Gitanjali Gems Ltd., an Indian jewelry company, is in talked with two unnamed private equity players to raise as much as $100 million, Reuters reported. The deal is expected to close in February, Reuters said. Gitanjali, which is currently undergoing restructuring, plans to divest 10% to 12% equity, Reuters wrote.
(Reuters) – Indian jewellery firm Gitanjali Gems Ltd is in “advanced talks” with two private equity players to raise up to $100 million, and hopes to close a deal by February, a top official said on Wednesday.
“We are looking for a strategic partner and are in advanced talks with two private equity players. We should be able to announce something by February,” said Mehul Choksi, chairman and managing director, told Reuters in an interview.
The company, which is currently undergoing restructuring, plans to divest 10-12 percent equity in the restructured entity.
Media reports earlier had said the Indian firm was in talks with global private equity firms Blackstone Group , CX Partners, Bain Capital, Advent International and Apax Partners to cut debt.
Choksi declined to name the private equity firms the company was talking to.
(Reporting by Nandita Bose; Editing by Sunil Nair)