Kalyan Jewellers Invests ₹350 Crore In Candere Through Rights Issue
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Kalyan Jewellers has invested ₹350 crore in its wholly owned subsidiary Candere through a rights issue. The capital will primarily be used to repay loans and other outstanding borrowings, with Kalyan Jewellers retaining 100% ownership of the jewellery e-commerce company.
Kalyan Jewellers India Ltd has invested ₹350 crore in its wholly owned subsidiary Candere Lifestyle Jewellery Pvt. Ltd. through a rights issue. The jewellery retailer disclosed the investment in a stock exchange filing on Saturday, 19 September.
The company subscribed to 17.5 lakh equity shares of Candere, each carrying a face value of ₹10. The shares were issued at a premium of ₹2,000 per share, taking the total investment to ₹350 crore. The allotment was completed on 19 September 2026.
Kalyan Jewellers shares fell 0.34% to ₹581.85 on 19 September, declining ₹0.40 on the National Stock Exchange (NSE).
Investment To Support Debt Repayment
Kalyan Jewellers said the fresh capital will primarily be used to repay a loan previously extended to Candere. The funds will also help the subsidiary repay or prepay some of its existing borrowings.
The transaction will not alter Kalyan Jewellers' ownership in Candere. The subsidiary will continue to remain 100% owned by Kalyan Jewellers.
The company also classified Candere as a related party. It said the transaction was conducted on an arm's-length basis and qualifies for an exemption under Regulation 23(5) of the Securities and Exchange Board of India's Listing Obligations and Disclosure Requirements Regulations, 2015.
Kalyan Jewellers said the investment did not require approval from the government or any regulatory authority.
Candere's Financial Position
Candere operates as an India-based e-commerce jewellery retailer. As of 31 March 2026, the company had paid-up capital of ₹38.21 lakh and a negative net worth of ₹32.51 crore. Candere reported turnover of ₹425.37 crore for the year ended 31 March 2026. Its loss after tax stood at ₹12.78 crore.
Candere was incorporated on 31 December 2010, as Enovate Information Technologies Pvt. Ltd. under the Companies Act, 1956. Its name was changed to Enovate Lifestyles Pvt. Ltd. in 2012 and subsequently to Candere Lifestyle Jewellery Pvt. Ltd. in August 2025.
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Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
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