The actions of Sky Gold Limited were trading at ₹3,398, up ₹29.30 or 0.87 percent on the SNG today at 11:15 a.m.

Mumbai-based jewelry manufacturer Sky Gold Limited on October 29 announced the addition of CaratLane and PN Gadgil Jewelers to its client portfolio, while successfully raising ₹270 crore through a Qualified Institutional Placement (QIP).

CaratLane, a subsidiary of Titan, and PN Gadgil Jewelers will have access to the full range of Sky Gold products, including traditional and modern designs. Large domestic institutional investors including Motilal Oswal MF, Kotak Mahindra Life Insurance and Bank of India MF participated in the QIP.

• Also read: India shifts to digital, sustainable and affordable jewelry: Tracxn report

The company plans to spread the funds raised across five key areas: expansion of its 18 carat gold and diamond product portfolio, capital injection into Star Mangalsutra Pvt Ltd subsidiaries. and Sparkling Chains Pvt. Ltd., strengthening organizational capacity, international expansion in the Middle East and Southeast Asia and pursuit of acquisition opportunities.

Sky Gold, specializing in lightweight 22 carat gold jewellery, operates from an 81,000 sq ft manufacturing facility in Navi Mumbai with a monthly gold processing capacity of 1,050 kg. The company currently supplies major retailers including Malabar Gold & Diamonds, Joyalukkas and Kalyan Jewelers with its products available in over 2,000 showrooms across India.