Kolkata: Senco Gold Ltd on Sunday said it has signed agreements to acquire a 68 per cent stake in August Jewellery Pvt Ltd, which operates the 'Melorra' brand, for Rs 68 crore.
The investment will be made in multiple tranches, with completion targeted by February 2027, subject to fulfilment of specified conditions, the company said in a regulatory filing.
It said that including the acquisition by a promoter group entity, the overall stake in August Jewellery will reach 79 per cent, following which the company will become a subsidiary of Senco Gold.
The investment will happen through fresh equity issuance, with the funds intended for the company's growth and expansion, and the discharge of existing liabilities, the filing said.
Senco Gold said the acquisition aligns with its digital and omnichannel strategy, particularly to cater to the fast-growing young consumer segment. Melorra's design and e-commerce capabilities are expected to complement Senco Gold's existing strengths and generate operational synergies.
The acquisition does not require governmental or regulatory approvals.
The investment will be made in multiple tranches, with completion targeted by February 2027, subject to fulfilment of specified conditions, the company said in a regulatory filing.
It said that including the acquisition by a promoter group entity, the overall stake in August Jewellery will reach 79 per cent, following which the company will become a subsidiary of Senco Gold.
The investment will happen through fresh equity issuance, with the funds intended for the company's growth and expansion, and the discharge of existing liabilities, the filing said.
Senco Gold said the acquisition aligns with its digital and omnichannel strategy, particularly to cater to the fast-growing young consumer segment. Melorra's design and e-commerce capabilities are expected to complement Senco Gold's existing strengths and generate operational synergies.
The acquisition does not require governmental or regulatory approvals.
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