Board approves 80 percent UAE arm acquisition via share swap
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Board approved the 8th AGM notice for September 29, 2026. It also approved acquiring 80 percent stake in AJC Jewel Manufacturers FZC, Sharjah (a promoter group entity) for about INR 9.6 crore. Consideration will be paid through a share swap by issuing up to 5,67,492 equity shares at INR 169.16 each to promoter Afzal Rahman. Post-acquisition, AJC FZC will become a subsidiary. Target does jewellery manufacturing with revenues of about INR 7.2 crore (Jan-June 2026).
Promoter group stake rises to about 59.85 percent post-issue. UAE arm becomes a subsidiary, consolidating overseas operations. Minor dilution for existing public holders.