Sheetal Diamonds Ltd. Board Approves Preferential Issue of up to Rs. 49.95 Cr, To Utilize Proceeds to Set Up Retail Stores Across India

-

Mumbai, 28 December 2023: Sheetal Diamonds Ltd. (BSE: 530525), a fast-growing diamond manufacturer, supplier and exporter of an exclusive range of Real Natural Loose Diamonds and Diamond Jewellery, has announced preferential issue of up to Rs. 49.95 Crores. The proceeds of this preferential issue will be utilized to foray into retail sector, whereby the company plans to set up retail stores across the country.

The company, in its board meeting held on 27 December 2023, decided to conduct a Postal Ballot to approve the increase in authorised capital to Rs. 15,50,00,000 consisting of 3,10,00,000 Equity Shares of Rs. 5 each, to issue and allot 83,25,000 Equity Shares of Rs. 5 each at an Issue Price of Rs. 60 including premium of Rs. 55 per share aggregating to Rs. 49.95 Crore to eligible allottees by way of Preferential Issue and to change the name of Company to ‘RAJNISH RETAIL LIMITED’.

The proposed allotees include various entities from the promoter and non-promoter group. The promoter, Mr. Rajnishkumar Singh, will look to subscribe to 18,00,000 shares, while other non-promoter group entities will subscribe to 65,25,000 shares, at a price of Rs. 60 per share.

Mr. Rajnishkumar Singh, the visionary behind Rajnish Wellness Ltd.’s success with Dava Discount stores, had earlier completed the acquisition of Sheetal Diamonds Ltd. As a result of conditions of open offer and change in control of management, the new board will now be led by Rajnishkumar Singh (promoter and Chairman), and Apra Shah, Lovish Kataria, & Renu Kaur, who will all serve as Additional Non-Executive independent directors. Vijay Kumar Chopra will serve as the CEO and Executive director.

Mr. Rajnishkumar Singh is the Promoter, Founder and Managing Director of Rajnish Wellness Limited, a company that got listed on the Bombay Stock Exchange in the year 2018. The current market capitalization of the company is ~Rs.1000 Crores. He has extensive experience in the retail sector, with demonstrated success in his past endeavors. He has consistently demonstrated an assertive approach and exhibited a willingness to undertake calculated risks in the development of innovative and unique products.

Comments

Post a Comment

Popular posts from this blog

Are ‘Unseen Forces’ Really Driving Political Vendetta Against Darwin Platform Chief Ajay Harinath Singh?

-
Image
by samikha   Mumbai, May, 2024: The scion of Lord Shri Ram's lineage, Darwin Platform Group of Companies (DGPC) Founder and Chairman Ajay Harinath Singh has found himself targeted by unseen forces with vested interests. Retaliating to these ‘unseen forces’ the Darwin Platform Chief emphasized that life threats and malicious campaigns, resulting from political vendetta make him more determined to fight the battle and expose them.  The whispers of a conspiracy began years ago, fueled by jealousy and fear of his growing influence in the 2000s. Coming from a Royal family of Sultanpur (Uttar Pradesh), his popularity in the state and Maharashtra unnerved many political parties that used to govern. Aligned with sacred lineage, his passion for nation-building and Hindutva made him popular among people and the BJP, however, this antagonized Congress and their current allies. Questions are many- Was the Congress party, in its bid to maintain its hold on power, orchestrating a campaign t...
Read more

Dell Technologies Reimagines Work with New PCs, Monitors and Software Experiences

-
Image
     by Samiksha   ·         Work smarter than ever before with the industry’s most intelligent [i] , secure [ii]  and sustainable [iii]  business PCs ·          5G-capable PCs and Microsoft Teams certified displays unlock enhanced connectivity and collaboration ·          Dell elevates sustainability standards with first commercial  PCs to use bioplastics from tree waste ·         Built-in low blue light and security technology enhance and secure the customer experience Bangalore, India -January, 2021;   Dell Technologies (NYSE:DELL) unveiled new products and software that reimagine work so anyone can perform at their best. With a new portfolio of intelligent, collaborative and sustainable devices, Dell is transforming work experiences to give people greater flexibility to work from anywhere. “Peopl...
Read more

‘Dennkur’ The World’s First Curcumin Pastille For Oral Health Care Launched

-
Image
The World’s First Curcumin Pastille For Oral Health Care Launched In Mumbai   Mumbai, March 07:  For the first time in the field of dentistry, Curcumin – a concentrated extract of turmeric with its excellent therapeutic effects has made its way as a pastille for preventive oral health care. This first of its kind pastille christened ‘Dennkur’ was launched in Mumbai yesterday and will be available with dentists across the country. The product has been introduced by Denteks, leading experts in dental technology of which Dr. Nirupam K Doctor and Dr. Lalit K Chokhani launched the breakthrough product in the presence of several eminent doctors and researchers. The 100 per cent ayurvedic and sugar-free medicine is backed by clinical and social trials and has proved to be highly effective in preventive and therapeutic applications in a variety of oral diseases including bleeding gums, receding gums, gingivitis, and periodontitis, among others. “...
Read more