Atlas Jewellery India along with its promoter - Atlas Jewellery has inked investment agreements with different investors whereby the investments will 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, selling in all kind of jewellery, metals, bullion, gold, silver, platinum, diamonds, precious stones and pearls etc.
The company and its promoter have inked investment agreement with Al Mareija Precious Metal And Bullions (FZE) for investment into 15,400,000 new equity shares of the company. It has also inked agreement with Al Juraina Precious Metals & Bullions (FZE) and Satwa Precious Metal And Bullion Trading (FZE) for investment into 15,900,000 new equity shares and 15,100,000 new equity shares of the company respectively. Besides, an investment agreement with Mankool General Trading (FZE) and Al Layyah General Trading (FZE) for investment into 15,000,000 new equity shares and 15,523,000 new equity shares of the company has also been inked.
As the company is starting manufacturing and export activities of 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 further.
The said investment in the equity shares of the company shall be completed upon satisfaction of certain conditions set out in the respective agreements and upon satisfaction and compliances of SEBI (ICDR) Regulations and other applicable laws.