The company held a board meeting on 27 December 2023 where it decided to conduct a Postal Ballot to approve the increase in authorized capital to Rs. 15,50,00,000 consisting of 3,10,00,000 Equity Shares of Rs. 5 each.
Stock Market News: Sheetal Diamonds Ltd on Thursday announced a preferential issue of up to Rs. 49.95 Crores. According to the company, the proceeds of this preferential issue will be used to mark the beginning into the retail sector. Sheetal Diamonds Ltd is mulling to set up retail stores across the country. Sheetal Diamonds Ltd is the fast-growing diamond manufacturer, supplier and exporter of an exclusive range of Real Natural Loose Diamonds and Diamond Jewellery, has announced a preferential issue of up to Rs. 49.95 Crores. The proceeds of this preferential issue will be utilized to foray into the retail sector, whereby the company plans to set up retail stores across the country.
The company held a board meeting on 27 December 2023 where it decided to conduct a Postal Ballot to approve the increase in authorized capital to Rs. 15,50,00,000 consisting of 3,10,00,000 Equity Shares of Rs. 5 each.
It has also decided 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’.
Here are some of the key details:
- The company held a board meeting on 27 December 2023
- The Company decided to conduct a Postal Ballot to approve the increase in authorized capital to Rs. 15,50,00,000 consisting of 3,10,00,000 Equity Shares of Rs. 5 each.
- It has also decided 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 allottees include various entities from the promoter and non-promoter groups.
- Rajnishkumar Singh, who is the promoter, 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.