Titan Company gains on inking SPA to acquire additional stake in CaratLane
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Titan Company is currently trading at Rs. 3057.15, up by 8.00 points or 0.26% from its previous closing of Rs. 3049.15 on the BSE.
The scrip opened at Rs. 3050.00 and has touched a high and low of Rs. 3079.00 and Rs. 3049.95 respectively. So far 8317 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 3211.10 on 07-Jul-2023 and a 52 week low of Rs. 2268.90 on 02-Feb-2023.
Last one week high and low of the scrip stood at Rs. 3079.00 and Rs. 2980.95 respectively. The current market cap of the company is Rs. 271347.40 crore.
The promoters holding in the company stood at 52.90%, while Institutions and Non-Institutions held 29.17% and 17.94% respectively.
Titan Company has signed a Share Purchase Agreement (SPA) with the Founder of CaratLane Trading (CaratLane) and his family members to acquire all the shares held by them representing 27.18% of the total paid-up equity share capital (on a fully diluted basis) of CaratLane for a total consideration of Rs 4,621 crore.
CaratLane is a subsidiary of the company and on completion of the aforesaid share purchase, would result in an increase in shareholding of the company in CaratLane from 71.09% to 98.28% on a fully diluted basis. The indicative time period for completion of the acquisition would be October 31, 2023, subject to the timely receipt of requisite approvals.
Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.
