Atlas Jewellery plans relaunch of retail operations in Dubai | GulfNews.com:
The owner of Atlas Jewellery hopes to pull in new investors to relaunch a retail presence in Dubai and revive operations elsewhere in the Gulf, which will be the first step to clear off the remaining debts on its books. In Dubai, the plan is to launch a single store and create a sustainable cash flow over the next two years, according to Ramachandran Nair, the founder.
Simultaneously, there is a plan to have a private placement to raise funds by selling shares in its India subsidiary, registered in Mumbai. The India operations are listed — the share is at Rs154.7 as against the original face value of Rs10. Nair hold 50 million shares of the 100 million issued. At the current price, a private placement should generate a decent amount and help with the raising of new funds.
The move comes as part of a “final settlement plan” involving Nair and more than 10 creditor banks. A meeting was held early this week, during which new funding options were raised. There will be monthly meetings to chart progress of the revival plan.
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