AJC Jewel Manufacturers Limited has announced the proposed preferential issue of up to 5,67,492 equity shares at an issue price of INR 169.16 per share. This move aims to raise approximately INR 9.60 crore, primarily to fund the acquisition of an 80% stake in its subsidiary, AJC Jewel Manufacturers FZC, UAE. The acquisition is structured as a share swap arrangement, with the proposed allottee being Mr. Afzal Rahman Perinkadakkad.
AJC Jewel Manufacturers Proposes Significant Equity Infusion
AJC Jewel Manufacturers Limited has announced a strategic move to enhance its ownership in its foreign subsidiary, AJC Jewel Manufacturers FZC, UAE. The company plans to undertake a preferential issue of up to 5,67,492 equity shares of face value INR 10 each, at a premium price of INR 169.16 per share. This issuance is intended to raise a total consideration of approximately INR 9,59,96,946.72 (INR 9.60 crore).
Acquisition of 80% Stake in UAE Subsidiary
The primary objective of this preferential issue is to acquire an 80% stake in AJC Jewel Manufacturers FZC, UAE. This acquisition will be facilitated through a share swap arrangement. The proposed allottee for these equity shares is Mr. Afzal Rahman Perinkadakkad, who belongs to the promoter group. The Board of Directors believes this issue is in the best interest of the company and its shareholders.
Key Terms of the Preferential Issue
The issue price of INR 169.16 per equity share has been determined based on a valuation report and in compliance with SEBI ICDR Regulations. The relevant date for determining the issue price was August 28, 2026, which is 30 days prior to the Annual General Meeting. The total number of shares to be allotted is 5,67,492, resulting in the proposed allottee holding 8.55% of the post-issue share capital. The shares to be allotted will be subject to a lock-in period as per SEBI ICDR Regulations.
Remuneration Revisions for Key Management
In addition to the acquisition, the company’s notice also includes proposals for the revision of remuneration for key management personnel. This includes increases for the Managing Director, Mr. Ashraf Perinkadakkad, and Whole-time Director, Mr. Mohamed Ali Cheruparambil, and Executive Director, Mrs. Fathima Jasna Kottekkattu. These revisions are based on recommendations from the Nomination and Remuneration Committee, reflecting their contributions to the company’s performance.
Annual General Meeting Details
The Notice also informs shareholders about the upcoming 8th Annual General Meeting (AGM) scheduled for Tuesday, September 29, 2026, at 02:00 PM IST. The meeting will be conducted via Video Conference or other audio-visual means. Shareholders can participate through remote e-voting, which will be open from September 26, 2026, to September 28, 2026.
Source: BSE
