TBZ fixes IPO price band at Rs.120-126

Proceeds to be used to expand retail presence

Shrikant Zaveri, CMD, Tribhovandas Bhimji Zaveri Ltd at a press conference to announce the company's IPO in Mumbai on Wednesday. Photo: Paul Noronha

Tribhovandas Bhimji Zaveri Limited (TBZ Ltd), a jewellery retailer, on Wednesday, fixed a price band of Rs.120-126 per share with a face value of Rs.10 for its initial public offering (IPO), which opens on April 24 and closes on April 26.

“The offering of 1.66 crore equity shares will constitute 25 per cent of the post-issue paid-up capital of the company. The minimum bid lot is 45 equity shares and in multiples of 45 equity shares therein,” said TBZ in a release issued here.