Shares of the newly-listed International Gemmological Institute soared 10% on Thursday to hit their upper circuit and a new high of Rs 580.45 on the BSE following the 100% acquisition of IGI Netherlands and International Gemmological Institute BV.
“With reference to the captioned subject and in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “Listing Regulations”) read with Part A of Schedule III of the Listing Regulations and in furtherance of prospectus dated December 17, 2024, we would like to inform you that the Company has acquired 100% stake in IGI Netherlands B.V. and International Gemmological Institute BV for a consideration of USD 88,440,543 and USD 69,761,445 respectively,” the company announced via a filing to the stock exchanges.
Post this acquisition, IGI Netherlands and International Gemmological Institute BV have become wholly-owned subsidiaries of the company.
The acquisition was done for the purpose of expansion of core business in an important market and the same was completed by December 20 for IGI Netherlands and by December 19 for International Gemmological Institute BV.
The primary business of IGI Netherlands through its subsidiaries is to provide services related to certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewelry and colored stones as well as the offering of educational programs.
Meanwhile, International Gemmological Institute BV’s principal business is to carry on the business of diamond screening and detection services (authenticity and quality assessment and issuance of diamond certificates and reports), diamond sorting services, laser scribing of diamonds and courses in gemology.Also read: NTPC Green Energy shares fall 3% as 1-month lock-in period ends todayThe shares of International Gemmological Institute got listed on the NSE with a 22.3% premium (Rs 93), at Rs 510 and with a 21.1% premium (Rs 88), at Rs 505, on the BSE earlier last week.
The IPO of IGI, which was a combination of fresh equity sale worth Rs 1475 crore and an OFS of 6.59 crore shares, received a healthy response from investors with a subscription of 35 times at close.
The company had also stated its intention to use the proceeds from the IPO to acquire the IGI Belgium Group and IGI Netherlands Group, consolidating global operations under the IGI brand.
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