Sky Gold Limited saw its shares trading at ₹3,398, up by ₹29.30 or 0.87% on the NSE at 11:15 AM today.
The Mumbai-based jewellery manufacturer announced on October 29 that it has added CaratLane and P N Gadgil Jewellers to its client roster. The company also successfully raised ₹270 crore through a Qualified Institutional Placement (QIP).
CaratLane, a subsidiary of Titan, and P N Gadgil Jewellers will gain access to Sky Gold’s full range of products, which includes both traditional and modern designs. Participation in the QIP came from major domestic institutional investors, including Motilal Oswal Mutual Fund, Kotak Mahindra Life Insurance, and Bank of India Mutual Fund.
The funds raised will be allocated to five key areas: expanding the 18K gold and diamond product portfolio, capital investments in subsidiaries Star Mangalsutra Pvt Ltd. and Sparkling Chains Pvt. Ltd., enhancing organisational capacity, pursuing international expansion in the Middle East and Southeast Asia, and exploring acquisition opportunities.
Sky Gold specializes in lightweight 22-carat gold jewellery and operates from an 81,000-square-foot manufacturing facility in Navi Mumbai, with a monthly gold processing capacity of 1,050 kg. The company supplies to major retailers such as Malabar Gold & Diamonds, Joyalukkas, and Kalyan Jewellers, with products available in over 2,000 showrooms across India.
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