Sky Gold and Diamonds Limited's Board of Directors has approved the acquisition of an entity in Dubai, UAE, instead of incorporating a new one. This strategic move aims to achieve faster access to the UAE market and strengthen the company's exports to the Middle East. The key details of the acquisition are:

• The target entity is M/s. SKY SOUK JEWELLERY TRADING L.L.C.
• It will be a Wholly Owned Subsidiary (WOS) of Sky Gold and Diamonds Limited.
• The proposed capital for the acquisition is approximately up to ₹12 Lakhs.
• The entity has not yet commenced business, so turnover is not applicable.
• The acquisition involves 100% subscription to the share capital in cash, at face value.
• The primary object is to identify business opportunities, promote the company's products throughout the Middle East, and facilitate communication with local clients.
• The indicative time period for completion of the acquisition is 2-3 months, subject to relevant approvals, including general trade licenses.