KOCHI: In a quiet move, Atlas Jewellers, one of the leading jewellers in Kerala, has become a listed entity on Bombay Stock Exchange, by acquiring a listed company GEE EI Woolens. Its founder M M Ramachandran has injected Rs 100 crore into GEE EI Woolens and assumed complete control of the listed entity. Following the acquisition, the name of Rs GEE EI Woolens’ has been changed to Atlas Jewellery India Ltd. The process of getting listed by acquiring a listed entity is called ‘reverse acquisition’ in stock market parlance. On Friday, Atlas Jewellery stock was trading at Rs 83.95 apiece on the Bombay Stock Exchange (BSE).
“As the intention was to expand all over India, it was considered that a listed company would be the most ideal vehicle. In order to surge ahead, a listed company called GEE El Woolens was acquired and the name of the company was changed to Atlas Jewellery India Limited, and the objectives of the company were changed accordingly,” a company official said. A meeting of the Board of Directors of the Company held at Kochi on Saturday discussed various operational issues on how to move forward in this competitive yet attractive market. Atlas Jewellery India in the year 2013-14 – the first after acquisition, made a profit of Rs 1.62 cr. In 2014-15, Atlas Jewellery made a profit of Rs 3.17 crore.
The turnover of export business in 2014-15 has been Rs 190.17 crore.