Rajesh Exports gains on Valcambi acquisition

The company has acquired Valcambi in an all-cash deal worth $400 million

Shares of Rajesh Exports gained in an otherwise weak market after the company said that the acquisition of Valcambi would be EPS (earnings per share) accretive as has been consistently profit making and dividend paying since the last 53 years.

The company has acquired 100% stake Valcambi in an all cash deal with a total investment of $400 million. Valcambi is the world's largest precious metals refining company headquartered at Switzerland, Rajesh Exports said in a release.

Valcambi has processed and sold 945 tons of Gold and 325 tons of Silver on an average per year during the last three financial years which is more than the annual consumption of gold in India, the release added.

The stock opened at Rs 534 and touched a high of Rs 550. At 12:55PM, over 1.7 million shares were traded on both the stock exchanges.