Trilegal has advised PN Gadgil Jewellers Limited and placement agent Nuvama Wealth Management Limited on a ₹700 crore Qualified Institutions Placement — one of the most significant capital markets transactions in India’s organised jewellery retail sector in recent times. The PNG Jewellers QIP Trilegal mandate reinforces the firm’s standing as a go-to counsel for listed-company fundraises. The QIP closed on 3 August 2026.
Introduction
PN Gadgil Jewellers Limited (PNG Jewellers), a publicly listed Maharashtra-based jewellery retail chain, has completed a Qualified Institutions Placement (QIP) of up to 1,14,94,252 equity shares of face value ₹10 each, priced at ₹609 per share — including a premium of ₹599 per share. The placement was made to qualified institutional buyers in accordance with applicable SEBI regulations. Nuvama Wealth Management Limited acted as the placement agent for the transaction.
The QIP opened on 30 July 2026 and closed on 3 August 2026, with formal allotment approved on 4 August 2026. The transaction represents PNG Jewellers’ first major equity capital raise following its highly successful IPO in September 2024, on which Trilegal also served as company counsel.
Deal Value
PN Gadgil Jewellers raised ₹700 crore (INR 7,000 million) through the QIP, via the allotment of up to 1,14,94,252 equity shares at an issue price of ₹609.00 per share. The issue price reflected a 4.95% discount to the SEBI floor price of ₹640.69 per share. The proceeds of the QIP are proposed to be used towards the opening of new stores and funding working capital requirements.
Legal Teams Involved
Trilegal advised both PN Gadgil Jewellers Limited (the issuer) and Nuvama Wealth Management Limited (the placement agent) on this transaction.
The Trilegal deal team comprised:
- Abhinav Maker — Partner (transaction lead)
- Debarpita Pande — Senior Associate
- Maniya Goyal — Senior Associate
- Jayant Saxena — Senior Associate
- Varda Saxena — Associate
Significance and Impact
This QIP is significant for several reasons. PN Gadgil Jewellers is described as the third fastest-growing jewellery brand amongst select organised jewellery peers in India, having recorded a CAGR of 33.56% in revenue between Fiscal 2023 and Fiscal 2026. It is also one of the largest jewellery brands in Maharashtra among organised players by total store count, with 68 of its 77 stores — approximately 88% — located in the state as of April 2026.
The capital raise arrives at a pivotal moment in the company’s expansion story. Proceeds are earmarked for new store openings and working capital support, underpinning an aggressive retail footprint strategy. The successful completion of the QIP at institutional scale is a strong indicator of sustained market confidence in PNG Jewellers’ business model and growth trajectory.
For Trilegal, this mandate builds directly on its earlier role as company counsel to PNG Jewellers on its ₹1,100 crore IPO in September 2024 — where Nuvama Wealth Management also featured as a book running lead manager. The firm’s continuity across both the IPO and this QIP reflects deep transactional familiarity with the issuer’s capital markets programme. Track more landmark mandates like this on our Deal Meter.
The ₹700 crore QIP by PN Gadgil Jewellers, advised by Trilegal, marks a defining milestone in the company’s post-IPO capital markets journey. With institutional demand validated and proceeds directed at accelerating store expansion, PNG Jewellers signals strong intent to deepen its organised retail presence across India. The transaction further cements Trilegal‘s position as a leading capital markets practice for growth-stage listed companies.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
