Kalyan Jewellers India Ltd Acquires 15% Stake in Enovate Lifestyles Private Limited for Full Ownership

Kalyan Jewellers India Limited has entered into a share sale and exit agreement dated June 03, 2024 with Mr. Rupesh Jain and Enovate Lifestyles Private Limited for acquiring 15% equity stake in Enovate by way of purchase of shares from Mr. Jain. Enovate Lifestyles Private Limited, an e-commerce Company involved in the retail sale of jewellery, will become a 100% wholly-owned subsidiary of the Company. The acquisition is part of Kalyan Jewellers' strategy to strengthen its presence in the jewellery sector, particularly in the e-commerce space. The acquisition is not a related party transaction and does not involve any promoters or group promoters. Enovate Lifestyles Private Limited had a turnover of 1303.47 million with a net worth of 46.75 million as of March 31, 2024. No governmental or regulatory approvals are required for the acquisition.