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. Previously the market capitalization of the company has touched Rs. 900 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.
All Retail business with innovative ideas will be launched under the banner of “Rajnish Retail
Ltd.”. The newly planned enterprise, Mobile Discount Store, shall provide a guarantee of gifts upon billing. The introduction of a new brand, “Brand Discount Store,” is imminent, which will provide customers with exceptional discounts on the purchase of electronic items. Urban Family Salon is a concept in which franchisee will be given to interested parties to run an ever-growing business. Just like other brands Urban Salon pricing will be lowest in Industry with lot of innovative marketing ideas.