Subsequently, the state-owned lender, in a regulatory filing on February 14, revised the amount of fraudulent transactions to Rs 11,400 crore. “The object of this issue is to mobilize funds to meet working capital requirements and general corporate purpose,” Gitanjali Gems said in its explanatory statement on the issue. Gitanjali Gems is a listed firm of the Gitanjali Group. The company reported a consolidated profit after tax of Rs 65.6 crore for the third quarter ended December 2017. Nakshatra Brands and Gili India are subsidiaries of Gitanjali Gems.

Source: Indian Express February 21, 2018 23:31 UTC