Rajnishkumar Singh, the visionary behind Rajnish Wellness Ltd’s success with Dava Discount stores, has completed acquisition of Sheetal Diamonds Ltd. Mr Rajnish Kumar acquired a 26 per cent stake in the company from the promoter, triggering an open offer that concluded on September 13, 2023.  

Sheetal Diamonds Ltd (BSE: 530525) is a fast-growing diamond manufacturer, supplier and exporter of an exclusive range of real natural loose diamonds and diamond jewellery.  

Mr Rajnishkumar Singh is the promoter, founder and managing sirector of Rajnish Wellness Limited, a company that got listed on the Bombay Stock Exchange in 2018. The current market capitalisation of the company is Rs 1,000 crore. Mr Singh has extensive experience in the retail sector, with demonstrated success in his past endeavours. He has consistently demonstrated an assertive approach and exhibited a willingness to undertake calculated risks in the development of innovative and unique products. 

In its board meeting held on October 5, 2023, Sheetal Diamonds approved the induction of Mr Rajnishkumar Singh, who is the first acquirer, as the promoter and chairman of the company. Consequently, due to change in control of the company, there is a revision in composition of the board.  

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), and Apra Shah, Lovish Kataria, & Renu Kaur, who will all serve as Additional Non-Executive independent directors. Vijay Kumar Chopra will serve as the CEO and Executive director.