Rajesh Exports Ltd, informed BSE, on Monday, that it has raised the ceiling of foreign holding from 20 to 49 per cent.
It also raised the holding limit of NRI’s/PIO’s to 24 per cent. The move to allow FIIs hold more follows recent investors meet where foreign investors have shown a lot of interest in Rajesh Exports. On reports that diamond industry giant De Beers plans to buy 51 per cent in Rajesh Exports, Chairman Rajesh Mehta told Deccan Herald “we have no plans to sell majority stake in Rajesh Exports. But we are ready to partner with strategic investors for the prosperity of the company.”
It also announced appointment of Ernst & Young as independent agency to evaluate the true enterprise value of the company’s business, of the real estate and value of other hidden assets of the company. The current market capital of Rajesh Exports is around Rs 2,750 crore, which according to Mr Mehta is very low, given the true potential and hidden value of the company.
