Business Standard

Goldman, Merrill pick up 5.7% in Rajesh Exports

Related News

Global financial investors Sachs and Merrill Lynch have picked up 5.7 per cent stake in the Bangalore-based for Rs 14 crore. Goldman Sachs has have bought 3 lakh shares at Rs 351 each amounting to Rs 10.53 crore for a 4.28 per cent stake.
 
Merrill Lynch has picked up 1 lakh shares at Rs 353 each for Rs 3.53 crore amouting to 1.42 per cent stake.
 
Mahesh Mehta, a co-promoter and also brother of Rajesh Mehta, chairman, Rajesh Exports, has sold this stake.
 
In addition to this block deal, a third investor has bought 1.42 per cent of the total paid-up capital of the company. His identity is yet to be ascertained by the company.
 
Said Rajesh Mehta: "Goldman Sachs and Merrill Lynch approached us to pick up a stake in our company. On mutual consent, Mahesh offloaded a part of his stake. After this sale, Mahesh still holds 6.8 per cent in the company. As we are planning to go global with our branded jewellery plans, we thought we should be associated with such reputed names in the financial world."
 
He added that the company has grown exponentially due to capacity expansion, stringent quality control and strong client relationships. "We believe having equity participation by platinum investors such as these two which lends tremendous credibility to us in the domestic and international markets," Mehta noted, adding that as per his understanding, the equity has been bought with a long term investment perspective.
 
Rajesh Exports plans to end the current fiscal at Rs 3,500 crore with margins of close to Rs 50 crore and is in the process of setting up foray. The company said they are making strategic acquistions of established jewellers in the marketplace.

 
 

Read more on:   
|
|
|
|
|

Read More

FM meets Sebi board, discusses future agenda for markets

Finance Minister P Chidambaram today discussed with market regulator Sebi the future agenda for growth of capital markets, as also steps needed for ...

Quick Links

 

Market News

Indiabulls Securities pays Rs 1 crore to Sebi to settle allegations

The settlement charges were invoked after the irregularities were found in the company's broking operations

Mid-cap outperformance unlikely to sustain next year

Valuations at present trading at a premium to large-cap stocks

Nifty ends above 8,200 amid firm global cues

ICICI Bank, Infosys, RIL and TCS lead the rally

Markets end higher for second straight session

The Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225

Delta Corp gains on stake sale plan in Advani Hotels

Delta Corp has engaged Yes Bank, a merchant banker, to explore possibilities for sale of the company's interest in Advani Hotels and Resorts ...

Back to Top