Rajesh Exports on Monday said that the company through it's wholly owned subsidiary in Singapore has fully acquired European Gold Refineries.

It has acquired 100% holding company of Valcambi in an all cash deal with a total investment of USD 400 Million, the company said in the press release.

Rajesh Exports: Quotes, News

BSE 80.604.2 (-5.21%)

NSE 80.384.23 (-5.26%)

Grant Thorton assisted Rajesh Exports in due diligence and Credit Suisse is part financing the acquisition through a long term debt.

Commenting on the acquisition, Mr. Rajesh Mehta, Chairman, Rajesh Exports said " This is a historic moment for REL and for the global gold business. The coming together of REL and Valcambi would expand the global gold business and would prove very productive for the future global plans of REL group.

Shares of the Rajesh Exports was seen trading at Rs 546, higher by Rs 17.05 or 3.22 per cent on BSE at 11.37 AM IST. It touched an intra-day high of Rs 549 during the trade.

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