PNN
Mumbai (Maharastra) [India], October 23: Sky Gold Limited (BSE - 541967, NSE: SKYGOLD), one of the leading jewellery manufacturers based in Navi Mumbai, specializing in a diverse range of gold jewellery designs, including customized pieces, and catering to prominent retailers and jewellery brands across various market segments, has successfully raised Rs 269.99 Cr through a Qualified Institutional Placement (QIP) from renowned funds.
The Company has allotted 9,99,259 equity shares of Rs 10 each at price of Rs 2,702 (a premium of Rs 2,692) raising total of Rs 269.99 Cr. Post this QIP, Company's share capital stands increased from Rs 13.65 Cr to Rs14.65 Cr comprising of 1,46,54,006 Equity Shares of Rs 10 each.
In the recently concluded QIP, the following allottees were allocated a total of 129,535 equity shares, distributed among various leading institutional investors.
The QIP attracted substantial interest from reputable institutional investors, demonstrating their strong confidence in the company's business model and growth potential.
The successful QIP marks a pivotal moment for the company, reflecting its commitment to growth and innovation in the jewellery industry. With the backing of prominent institutional investors and an enhanced capital structure, the company is well positioned to capitalize on emerging opportunities and continue its trajectory of success.
On successful completion of QIP placement, Mangesh Chauhan, Managing Director & CFO, Sky Gold Limited said, "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 Rs 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.
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."
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