Sky Gold Raises Rs 270 Cr from Kotak Life, BoI MF, Motilal Oswal MF

Mumbai, Oct 29 (PTI) Gold jewellery-focused Sky Gold on Tuesday announced a Rs 270 crore capital raise from Kotak Mahindra Life Insurance, Motilal Oswal MF and Bank of India Mutual Fund.

The listed company also announced the addition of two clients, including Titan subsidiary Caratlane and P N Gadgil Jewellers.

The company raised Rs 270 crore through an equity sale to domestic institutions including the insurer and two asset managers, a statement said.

The funds will be utilised for expanding the product portfolio, capital infusion into subsidiaries, expansion into UAE, Middle East, Malaysia and Singapore, and possible acquisitions, as per an official statement.

It's managing director and chief financial officer Mangesh Chauhan termed the addition of new clients as a pivotal step in the growth journey, and added that it is well equipped to cater to industry demands through its facility based in Navi Mumbai.

The company will focus on transparency, best corporate governance practices, technological changes going forward, he added.

The Sky Gold scrip closed 3.54 per cent down at Rs 3,355.30 a piece on the BSE on Tuesday as against gains of 0.45 per cent on the benchmark.