PC Jewellers IPO oversubscribed, 6.7 times

609-crore IPO of PC Jeweller was oversubscribed on the last day of the issue recently, attaining a total subscription worth over Rs 3,258 crore.

Post By : IJ News Service On 17 December 2012 2:08 PM
Kinross Gold Corporation has made a $150 million worth investment in Harry Winston Diamond Corporation, through which, it will acquire indirect interest in the Diavik diamond mine and direct equity stake in Harry Winston. %% Kinross will be subscribing to 15.2 million treasury shares or 19.9 percent of Harry Winston’s issued equity worth after the transaction. Each share will be picked up at $3.00. It can maintain this equity level by making future equity financings. It will also subscribe for new partnership units or 22.5 percent interest in the limited partnership which holds Harry Winston's 40 percent joint venture interest in the Diavik diamond mine, for a net effective subscription value of $104.4 million. Kinross will also be entitled to a seat on Harry Winston's Board of Directors. %% Harry Winston will spend the $150 million investment to repay its bank debt and general operational use, fund its share of the capital costs in completing the underground expansion of the Diavik diamond mine. Harry Winston will continue to market the partnership's entire share of diamond production from the Diavik diamond mine, including the portion attributable to Kinross' interest. The synergy will enable Harry Winston to access Kinross' mining expertise in various geographic environments, and its financial strength, while complementing the renowned diamond expertise of Harry Winston. %% Through the partnership, both entities are also looking at further investment opportunities in the diamond mining industry.

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