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Sunraj Diamond Exports Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 29, 2008, has in principle agreed to acquire 100% shareholding of a Hong Kong Company (Pride Crown Investments) through a share swap or merger or amalgamation. Pride Crown Investments, through its subsidiaries is engaged in the following businesses:

1. Retailing of diamond jewelry in Russia
2. Cutting and polishing of rough diamonds in Russia and India
3. Trading in synthetic diamonds
4. Real Estate business in Russia

The Board has decided to appoint the Statutory Auditor of the Company to decide on the swap ratio.

As a result of this share swap / merger / amalgamation, the shares will be issued to the promoter group as they are the existing shareholders of Pride Crown Investments.

Tags: Sunraj Diamond

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