Rajesh Exports makes preferential share allotment to Bennett Colemann & Co
By Our Corporate Bureau | 06 Oct 2005
Mumbai : Rajesh Exports Limited (BSE Code: 531500), (NSE Code: RAJESHEXPO) has proposed a preferential allotment of 19, 48,000 equity shares to Bennett Coleman & Co Ltd Mumbai, (publishers of The Times of India). The allotment will be in keeping with SEBI guidelines for preferential issues.
These shares will be issued subject to the approval of the members of Bennett Coleman & Co Ltd. at its EGM to be held on October 31, 2005. The shares constitute 5.27 per cent of the company's post equity issue and will be issued in an all-cash-deal. Rajesh exports is proposing a nation-wide brand-building exercise in line with its future plans.
According to Rajesh Mehta, chairman, Rajesh Exports, "The proceeds of the proposed issue would be utilised towards the brand building exercise. The company was pleased to receive a proposal from a prestigious corporate like Bennett Coleman & Co. Ltd. for equity participation. The participation of Bennett Coleman & Co. Ltd in the company 's equity will help Rajesh Exports Limited in strongly establishing its quality jewellery brand across the country."
Rajesh Exports Limited has signed a supply agreement with the public sector Metals and Minerals Trading Corporation (MMTC), one of the largest gold dealers in the country to supply
22-carat high-quality gold jewellery for onward retail sales by MMTC Ltd.
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