SRS Board to Review Use of IPO Funds

Diversified jewelry company SRS Ltd. said that its board of directors will meet on January 9, 2012 to make an assessment and, if required, revise the utilization of its initial public offering (IPO) proceeds.

The company, which has business interest in jewelry manufacturing and retail, cinema exhibition, food and beverages, raised about $45 million through an offering of 35 million equity shares in August 2011.

It proposed to use the funds to set up cinemas, food courts and restaurants, retail stores and another jewelry manufacturing facility. The company sells its gold and diamond jewelry under the SRS Jewells brand.

SRS also stated that it opened a new retail outlet, which offers fast moving consumer goods, at Crown Plaza Mall in the north Indian city of Faridabad on January 1.

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