TS Kalyanaraman, the promoter of the jewellery chain Kalyan Jewellers India Limited, has raised as much as Rs 1,300 crore through a loan from Oaktree Capital, a source aware of the development told Moneycontrol.
The loan proceeds will be used by the Kalyan Jewellers promoter to finance the acquisition of shares from Warburg Pincus. The loan from Oaktree has a tenure of three years, the source said.
According to a filing made by the company on September 27, Kalyanaraman has pledged 8.51 crore shares or 8.26 percent stake in the company in favour of OCM India Opportunities XII Alternative Investment Fund - an affiliate of Oaktree Capital.
Moneycontrol reported on August 22 that Kalyanarama had acquired a 2.36 percent stake from Warburg Pincus for a sum of approximately Rs 1,300 crore at a share price of Rs 535 apiece.
Since then, shares of Kalyan Jewellers have climbed 32 percent to Rs 706.75 in just over a month.
“The share pledge with Oaktree is a signal of confidence for the company that a major institutional investor like Oaktree is betting on strong future performance of the Kalyan stock going forward.
Kalyan Jewellers shares have almost doubled in value since the start of 2024.
Spokespersons for Kalyan Jewellers and Oaktree could not be immediately reached for comment.
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