Rajesh Exports Ltd. plans to sell a stake to domestic and overseas funds, Chairman Rajesh Mehta said in a phone interview.
The Economic Times reported De Beers and a U.S.-based fund are interested in buying 51 percent of the company and will pay a premium for the controlling stake. Rajesh Exports is India's largest exporter of gold jewelry, according to its Web site.
“Several funds including foreign institutional investors have shown interest to buy a stake,'' Mehta said. “I am not willing to comment on any particular buyer or investor.'' He didn't say why he plans to sell shares. (Bloomberg)