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Gitanjali Gems raises $110 m through FCCBs

CHENNAI: Gitanjali Gems has successfully raised $110 million (Rs. 495 crore) through foreign currency convertible bonds. The initial conversion price determined at Rs. 275 per share represents a 28 per cent premium to the reference price on the BSE on November 24. The FCCBs will mature on November 25, 2011. These will be listed on the Singapore Stock Exchange.

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