The shares of Sky Gold Limited were trading at ₹3,398 up by ₹29.30 or 0.87 per cent on the NSE today at 11.15 am.
Mumbai-based jewellery manufacturer Sky Gold Limited announced on October 29 the addition of CaratLane and P N Gadgil Jewellers to its client portfolio, along with successfully raising ₹270 crore through a Qualified Institutional Placement (QIP).
CaratLane, a Titan subsidiary, and P N Gadgil Jewellers will have access to Sky Gold’s complete product range, including traditional and modern designs. Major domestic institutional investors, including Motilal Oswal MF, Kotak Mahindra Life Insurance, and Bank of India MF, participated in the QIP.
The company plans to allocate the raised funds across five key areas: expanding its 18K gold and diamond product portfolio, capital infusion into subsidiaries Star Mangalsutra Pvt Ltd. and Sparkling Chains Pvt. Ltd., strengthening organisational capacity, international expansion in the Middle East and Southeast Asia, and pursuing acquisition opportunities.
Sky Gold, which specialises in lightweight 22-carat gold jewellery, operates from an 81,000-square-foot manufacturing facility in Navi Mumbai with a monthly gold processing capacity of 1,050 kg. The company currently supplies to major retailers including Malabar Gold & Diamonds, Joyalukkas, and Kalyan Jewellers, with its products available in over 2,000 showrooms across India.
