AJC Jewel Manufacturers has received board approval for the proposed acquisition of an 80% stake in AJC Jewel Manufacturers (FZC), Sharjah, UAE. The company has scheduled its 8th Annual General Meeting for September 29, 2026, to approve the deal alongside executive salary revisions. According to reports from Business Standard, the UAE entity operates in the precious metal jewellery manufacturing sector and represents a strategic expansion for the Indian company into international markets.
The UAE entity demonstrated exceptional financial growth with revenue of ₹127.95 crore in CY2025 and ₹72.46 crore during January-June 2026, compared with ₹53.82 crore in CY2024. This represents a remarkable 138% year-on-year increase in CY2025, indicating robust business performance in the precious metal jewellery manufacturing sector. The Sharjah operation, incorporated in May 2024, has shown rapid revenue expansion over the past two years.
The proposed ₹9.60 crore transaction will be executed entirely through a non-cash share swap arrangement. The company proposes to allot up to 5,67,492 equity shares at ₹169.16 per share to Afzal Rahman Perinkadakkad, with the total consideration valued at ₹9,59,96,946.72. The issue price was determined based on a valuation report by Alphavalue Consulting Valuation LLP and the volume-weighted average price of the preceding 10 trading days. Post-issue, the promoter group's holding is expected to rise from 56.33% to 59.85%, with Mr. Afzal Rahman Perinkadakkad holding 8.55% of the post-issue equity share capital.
Upon completion of the acquisition, AJC Jewel Manufacturers (FZC) will become a subsidiary of AJC Jewel Manufacturers, moving the company from having an operating presence to majority ownership of this manufacturing business. The acquisition aligns with AJC's strategy to build an integrated India-UAE jewellery platform, providing a platform for exploring opportunities in regional distribution and international customer servicing across the wider Middle East. The transaction is structured under Chapter V of the SEBI ICDR Regulations and is expected to complete within 3-6 months subject to approvals.
