Sheetal Diamonds Limited announced that it has entered into agreement a private placement of 12,500,000 shares at an issue price of INR 9 per share for proceeds of INR 112,500,000 on May 20, 2023. The transaction will include participation from Rajnishkumar S Singh for 4,375,000 shares, Kamla Yugraj Jain for 125,000 shares, Karamveer Yugraj jain for 125,000 shares, Jain Karamiveer Yugraj HUF for 125,000 shares, Abhilasha Rajiv Bokaria for 125,000 shares, Kavita Vasant Bokaria for 125,000 shares, Vasant Maniklal Bokaria for 125,000 shares, Rajiv Maniklal Bokaria for 125,000 shares, Rajiv M Bokaria HUF for 125,000 shares, Vasant M Bokaria HUF for 125,000 shares, Kamal Binani for 500,000 shares, Naman Binani for 500,000 shares, Rasiklal P Sanghavi for 1,000,000 shares, Yogesh R Sanghavi for 1,000,000 shares, Meet N Mehta for 1,000,000 shares,Raj Narendra Mechta for 1,000,000 shares, Harshad Rasiklal Sheth for 1,000,000 shares and Rushabh Sevantilal Sanghavi for 1,000,000 shares. The transaction was approved by the board of directors of the company and subject to regulatory approvals.

The company will receive funding through Preferential allotment.