Rajnish Retail Ltd approves stock split

Rajnish Retail Ltd. (BSE: 530525) has announced that its board has approved Sub-Division/Split of 1 Equity Share into 5 equity shares, subject to the approval of the Members of the Company and other regulatory / statutory approvals as may be required. The record date for the sub-division of equity shares shall be decided by the Board and will be after after receipt of approval of the members.

The board further approved offer, issue and allotment up to 690,000 convertible warrants, each convertible at an issue price that may be decided by the Preferential Issue Committee to promoters and/or non-promoters through preferential issue, subject to approval of the shareholders and other authorities under applicable laws.

Recently the company expanded its portfolio by venturing into the beauty and wellness industry with the launch of a new salon. This strategic move is aimed at diversifying our business and capitalizing on a growing market. Urban Salon, a brand of Rajnish Retail Limited, has started a new Shop in Evershine nagar, Malad District of Mumbai. Urban Salon has opened beauty and wellness shop. The beauty and wellness industry is witnessing robust growth, driven by increasing consumer spending on personal care and grooming services. The salon will be equipped with state-of-the-art amenities and staffed by experienced professionals committed to delivering exceptional service.

Earlier, the company had announced that it has effected a name change from Sheetal Diamonds Ltd., and is now trading under the name of "Rajnish Retail Ltd.". All Retail business with innovative ideas will be launched under this banner. Mr. Rajnishkumar Singh, the visionary behind Rajnish Wellness Ltd.'s success with Dava Discount stores, had earlier completed the acquisition of Rajnish Retail Ltd. (Formerly Sheetal Diamonds Ltd). As a result of conditions of open offer and change in control of management, the new board will now be led by Rajnishkumar Singh (Promoter and Chairman), Vijay Kumar Chopra, Anandkumar Jain, Apra Shah, Lovish Kataria and Renu Kaur, who will all serve as Additional Non-Executive independent directors. Vijay Kumar Chopra will serve as the CEO and Executive director and Anandkumar Jain as Whole Time Director.

Mr. Rajnishkumar Singh is the Promoter, Founder and Managing Director of Rajnish Wellness Limited, a company that got listed on the Bombay Stock Exchange in the year 2018.Previously the market capitalization of the company has touched Rs.900 Crores. He has extensive experience in the retail sector, with demonstrated success in his past endeavors. He has consistently demonstrated an assertive approach and exhibited a willingness to undertake calculated risks in the development of innovative and unique products.

Source : Equity Bulls

Keywords

RajnishRetail StockSplit SubDivision 5For1