Atlas Jewellery Ltd signs investment agreements with investors for raising funds

Atlas Jewellery Ltd (Formerly Gee El Woollens Ltd) alongwith promoter Atlas Jewellery Private Limited ("Promote/') has signed the lnvestment agreements with different investors.

The company has signed investment agreement with Al Mareija Precious Metal And Bullions (FZE) for investment into 15400000 new equity shares of the Company, investment agreement between the Company, Promoter and Al Juraina Precious Metals & Bullions (FZE) for investment into' 15900000 new equity shares of the Company.

The company also signed investment agreements with Satwa Precious Metal And Bullion Trading (FZE) for investment into 15100000 new equity shares of the Company, Mankool General Trading (FZE) for investment into 15000000 new equity shares of the Company Al Layyah General Trading (FZE) for investment into 15523000 new equity shares of the Company.

The aforesaid investment shall be utilized to fund the startup of the business operations of the Company which the Company is going to undertake upon change of its main objective from textile business to the business of exporting, buying, selting in all kind of jewellery, metals, bullion, gold, silver, platinum, diamonds, precious stones and pearls etc. As the Company is starting manufacturing and export activitiesof gold, jewellery and other precious metals jewellery, signing of the above agreements will fulfill the financial needs of the Company and enable the Company to procure goods and meet its operational expenses.

The aforesaid investors are completely financial investors with no control over the management and/or affairs of the Company and the existing Promoter of the Company shall continue to be in full control over the management and affairs of the Company. With the infusion of fund by the aforesaid investment, the Company is set to start up its operations and grow fufther.

The said investment in the equity shares of the Company shall be completed upon satisfaction of certain conditions set out in the respective agreementsand upon satisfaction and compliances of SEBI (ICDR) Regulations and other applicable laws.

Shares of Atlas Jewellery Ltd was last trading in BSE at Rs.10.86, up by Rs.0.21 or 1.97%. The stock hit an intraday high of Rs.10.86 and low of Rs.10.86.

The total traded quantity was 600 as compared to 2 week average of 993.

Source : Equity Bulls

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