Sky Gold raises ₹270 crore through Qualified Institutional Placement; details here | Stock Market News
Source: Live Mint
Jewellery manufacturer Sky Gold, on Tuesday, successfully raised ₹ 270 crore through a Qualified Institutional Placement (QIP) from renowned funds.
The company has allotted 9,99,259 equity shares with a face value of ₹10 each at a price of ₹2,702 (including a premium of ₹2,692), raising a total of ₹269.99 crore. Following this QIP, the company’s share capital has increased from ₹13.65 crore to ₹14.65 crore, now consisting of 1,46,54,006 equity shares with a face value of ₹10 each.
Motilal Oswal Small Cap Fund, Kotak Mahindra Life Insurance, Bank Of India Flexi Cap, Bank Of India Business Cycle Fund were among the participants in the QIP.
The QIP attracted substantial interest from reputable institutional investors, demonstrating their strong confidence in the company’s business model and growth potential, the company said.
Sky Gold CEO on QIP
“We are thrilled to see overwhelming response to our QIP and happy to have few marquee investors in our Company. This is a clear indication of their confidence in our growth strategy and optimistic business outlook. The fund raised to the tune of ₹ 270 Cr will empower us to strengthen our business and facilitate future expansions, enabling us to better meet the growing demands of our clients and adapt to emerging market trends,” said Mangesh Chauhan, Managing Director & CFO, Sky Gold Limited.
Chauhan further added, “Additionally, these funds will allow us to diversify our product offerings and cater to a broader customer base. We aim to enhance our design library, which currently features over 500,000 designs, by incorporating more localized options that resonate with the diverse tastes of our clientele. This strategic investment will position us to explore new segments and respond dynamically to market opportunities.”
In the recently concluded QIP, the following allottees were allocated a total of 129,535 equity shares, distributed among various leading institutional investors.
Founded in 2008, Sky Gold specializes in the design, manufacture, and marketing of gold jewelry. The company operates on a B2B model, primarily providing its products to mid-range jewelers and boutique shops, which then sell them through both online and physical stores.
It specializes in 22-karat gold jewelry, offering a wide range of designs crafted to meet the refined preferences of its customers.
