Gargi Jewellery by PN Gadgil plans to raise Rs 429.98 Mn for Expansion Plans

Gargi Jewellery by P N Gadgil and Sons has announced a plan to raise approximately Rs 429.98 million through a preferential issue of equity shares.

This decision, disclosed in a Bombay Stock Exchange (BSE) filing, will see the issuance of 747,800 equity shares at Rs 575 per share, including a premium of Rs 565 per share. The allotment will be made on a private placement basis to both promoters and non-promoter public investors. The funds raised will be used to source additional inventory, expand brand stores, SIS stores, and FOCO basis stores, and conduct a nationwide marketing campaign as part of the company's growth strategy.

Aditya Modak, Co-founder of Gargi by PNGS stated, "The proceeds from this preferential issue will primarily support our aggressive growth plans. We aim to expand our existing business and drive future growth by establishing new brand stores, a comprehensive PAN India marketing campaign, and significant investment in inventory."

Gargi Jewellery plans to leverage the growing fashion jewellery market in India, driven by the increasing number of working women and higher literacy rates.

Currently operating in fewer than ten states in India, Gargi intends to expand its business across various regions, tapping into new customer bases and generating additional revenue. The planned marketing campaign will include activities such as social media campaigns, influencer partnerships, paid integrations, blog posts, video marketing, webinars, podcasts, email marketing campaigns, search engine marketing (SEM), print advertising, television and radio ads, and sponsorships and partnerships. The marketing campaign will also be funded through the proceeds of the preferential issue.