Ashish Kacholia’s portfolio stock hit the upper circuit as the Board is likely to announce fundraising via preferential issue or QIP; Do you own it?
The stock delivered multibagger returns of 676 per cent in just 1 year and a whopping 2,150 per cent in 3 years.
On Wednesday, shares of Sky Gold Ltd surged and reached an upper price band of Rs 2,087.65 per share, after being locked in the 5 per cent upper circuit. The stock’s 52-week high is Rs 2,440 per share while its 52-week low is Rs 250.25.
Sky Gold Limited informed that a meeting of the Board of Directors of the company is scheduled to be held on Friday, August 09, 2024, at its registered office, to, inter alia: -
- Consider and approve the standalone and consolidated unaudited financial results of the company for the quarter ended June 30, 2024, along with the limited review report thereon.
- Consider and approve a proposal for raising funds by way of issuance of equity shares or any other eligible securities of the company, including debentures / non-convertible debt instruments along with warrants / convertible debentures/securities and/or any other equity-based instruments, in one or more tranches, through one or more public and/or private offerings, including by way of a preferential issue, qualified institutions placement and/or any other method, as may be decided by the Board, subject to such statutory/ regulatory approvals as may be applicable including the approval of shareholders of the Company wherever required
- Conducting an extraordinary general meeting (EOGM), to seek approval of shareholders of the Company in respect of the aforesaid proposal(s), if approved by the Board.
Earlier, the company acquired Mumbai-based Starmangalsutra Private Limited and Sparkling Chains Private Limited (100 per cent stake in both companies). These acquisitions present significant opportunities for Sky Gold to further enhance its market visibility and broaden its range of high-quality jewellery, renowned for expert craftsmanship. Starmangalsutra Pvt Ltd. specializes in the manufacturing of traditional and modern Mangalsutra jewellery, while Sparkling Chains Private Limited focuses on chain jewellery made from gold, silver, and other precious or base metals.
DSIJ’s 'multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.
The company has acquired a complete stake in both companies for Rs 23.98 crore and Rs 26 crore respectively. The consideration will be discharged by issue of 4,17,542 equity shares of the company at an issue price of Rs 1,197 having a face value of Rs 10 each to the existing shareholders of Sparkling Chains Private Limited and Starmangalsutra Private Limited on a preferential basis.
Sky Gold Limited is engaged in the business of designing, manufacturing, and marketing gold jewellery. The company follows a B2B model where the products are mainly sold to mid-range jewellers and boutique stores which sell them through online platforms and retail stores. An ace investor, Ashish Kacholia owns a 3.05 per cent stake in the company as of June 2024.
Sky Gold Ltd has a market cap Rs 2,698 crore. The stock delivered multibagger returns of 676 per cent in just 1 year and a whopping 2,150 per cent in 3 years. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
Also Read: Rs 540 crore order book and FIIs & DIIs increase stake: Multibagger marine electrical equipments stock hit upper circuit on August 07; Here’s Why!