Gitanjali Gems Ltd. (BSE:532715) announced a private placement on of 10 zero percent fully convertible debentures at a face value of INR 3,06,70,000 each for gross proceeds of INR 306,700,000 on a preferential basis to HT Media Limited (BSE:532662) on November 30, 2017. Each debenture is convertible into such number of equity shares of nominal value of INR 10 each till 18 months from the date of their allotment. The transaction was approved by the shareholders of the company.

The transaction is expected to close within 15 days, subjected to necessary approval from the stock exchanges or such other authorities as may be required.