Kalyan Jewellers India rises on signing pact to acquire remaining 15% stake in Candere
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Kalyan Jewellers India is currently trading at Rs. 393.85, up by 2.95 points or 0.75% from its previous closing of Rs. 390.90 on the BSE.
The scrip opened at Rs. 393.05 and has touched a high and low of Rs. 395.00 and Rs. 380.05 respectively. So far 25787 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 449.50 on 01-Apr-2024 and a 52 week low of Rs. 108.70 on 06-Jun-2023.
Last one week high and low of the scrip stood at Rs. 402.95 and Rs. 377.10 respectively. The current market cap of the company is Rs. 40343.36 crore.
The promoters holding in the company stood at 60.63%, while Institutions and Non-Institutions held 32.11% and 7.26% respectively.
Kalyan Jewellers India has signed definitive agreement with Rupesh Jain, Founder of Enovate Lifestyles (Candere) to acquire residual 15% in Candere, a subsidiary of Kalyan Jewellers. This stake acquisition for consideration of Rs 42 crore will result in Candere being a wholly owned subsidiary of Kalyan Jewellers, as it pivots from e-commerce to Omni channel commerce.
Kalyan Jewellers had acquired a majority stake in the company in 2017 as part of its foray into the e-commerce business. Candere recorded an annual revenue of Rs 130.3 crore in FY2023-24. Candere has been part of the fast-growing affordable and accessible jewellery segment since 2013. Following its acquisition by Kalyan Jewellers in 2017, the brand has made steady progress in terms of its offerings, customer preference and presence in leading marketplaces.
Over the last sixteen months, Candere has embarked on a strategic pivot to omnichannel commerce in line with emerging consumer needs. Aligned to this transition, experienced talent is being inducted both at operational and at management levels. During the course of the last fiscal, Candere launched 11 physical showrooms across the country and is looking at quadrupling its off-line presence during this fiscal.
Kalyan Jewellers India designs and manufactures gold, diamonds, stones, and other precious metal jewelry products. The company serves customers worldwide.
