Sheetal Diamonds Hit Upper Circuit As Rajnish Kumar Singh Completes 26% Acquisition

Sheetal Diamonds Ltd. (BSE: 530525) is a fast-growing diamond manufacturer, supplier and exporter of an exclusive range of Real Natural Loose Diamonds and Diamond Jewellery. Mr. Rajnishkumar Singh, the visionary behind Rajnish Wellness Ltd.'s success with Dava Discount stores, has completed the acquisition of Sheetal Diamonds Ltd. Mr. Rajnish Kumar acquired a 26% stake in the company from the promoter, triggering an open offer that concluded on 13 September 2023.

The company, in its board meeting held on 05 October 2023, approved the induction of Mr. Rajnishkumar Singh who is the first acquirer, as the promoter and Chairman of the company. Consequently, due to a change in control of the company, there is a revision in the composition of the board.

As a result of conditions of the 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 was listed on the Bombay Stock Exchange in the year 2018. The current market capitalization of the company is ~Rs.1000 Crores. He has extensive experience in the retail sector, with demonstrated success in his past endeavours. He has consistently demonstrated an assertive approach and exhibited a willingness to undertake calculated risks in the development of innovative and unique products.