Senco Gold Limited (NSEI:SENCO) which listed on the public markets last year, has placed a bid to acquire omnichannel jewellery retailer August Jewellery Private Limited (Melorra) as it seeks to expand its presence in the e-commerce space, four people aware of the development told Mint. Senco is likely to acquire Melorra in a deal valued at INR 400 million to INR 500 million, one of them said, adding, however, that the valuation was still being negotiated and the deal size could change as the discussions progress. The listed gold retailer is one of several potential buyers Melorra has been in talks with in recent months, the second of the four people said.
"The company needs capital, and talks have been ongoing." the person said, adding that the deal has not been finalised. Due diligence is currently on and a deal will be confirmed upon satisfactory completion of the process, said a third person. Senco and Melorra did not respond to Mint's queries.
