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Hot Pursuit News

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(04 Jun 2024, 09:46)

Kalyan Jewellers inks pact to acquire 15% stake in Candere

Kalyan Jewellers India said that it has signed definitive agreement with Rupesh Jain to acquire 15% stake in Enovate Lifestyles for total consideration of Rs 42 crore

Enovate Lifestyles Private (Candere) is an e-commerce company involved in the business of retail sale of jewellery. Enovate owns the omni channel lifestyle jewellery brand, Candere (www.candere.com). Kalyan Jewellers had acquired majority stake in Enovate Lifestyles Private in the year 2017. It recorded annual revenue of Rs 130.3 crore in FY2023-24.

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.

A total of 57,320 equity shares are proposed to be acquired by way of purchase from Mr. Rupesh Jain, existing shareholder. Out of total the firm will acquire 40% equity stake (corresponding to 22,928 equity shares) on or before June 03, 2024. Next 40% equity stake (corres...

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