Guru Krupa Gems cancels ₹90 Cr preferential issue

Guru Krupa Gems and Jewellery Ltd announced that its Board of Directors noted the non-allotment of equity shares under a preferential issue. The issue, which aimed to raise up to ₹90.24 crore by allotting 32,00,000 equity shares at ₹28.20 each to Krina Creation Private Limited, was cancelled. The cancellation occurred because Krina Creation Private Limited decided not to proceed with the investment due to delays in obtaining in-principle approval from BSE Limited. Consequently, no subscription amount was received, and no shares were allotted. The company stated that its paid-up share capital and shareholding pattern remain unchanged. Guru Krupa Gems continues to evaluate its fund-raising needs and may consider a fresh preferential issue or other capital-raising methods in the future.