MUMBAI, March 19 (Reuters) - Goenka Diamond & Jewels Ltd said on Friday 19 March it plans to raise up to 1.45 billion rupees through an initial public offering and has set a price band between 135-145 rupees per equity share for its 10 million share IPO.

Photo : Issouf Sanogo/AFP

The issue will open on March 23 and close on March 26.

The funds will be used for domestic retail expansion, meeting working capital requirements and expand existing manufacturing facilities, said Chairman Nandlal Goenka.

"We will use the proceeds to expand our retail outlets to 19 from the current 6," he said.

The company currently retails diamond jewellery under two brands -Ceres and G Wild.

The diamond jewellery maker and exporter also plans to invest 250 million rupees from the proceeds in its Russian unit, M.B.Diamonds LLC for better sourcing of rough diamonds.

It currently exports to U.S., Middle East, Malaysia, Korea, Israel, Hong-Kong and Russia.

The net issue would constitute 30.93 percent of the fully diluted post-issue paid up capital.

SBI Capital markets Ltd is the sole book running lead manager to the issue.

(Reporting by Nandita Bose; Editing by Ramya Venugopal)