Titan hikes stake in CaratLane for Rs 4,621 cr
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The Titan company has entered into a share purchase agreement today to acquire the entire 91,90,327 equity shares held by the founder of CaratLane Trading Private Limited (CaratLane) and his family members representing 27.18 per cent of the total paid-up equity share capital of the jeweller on a fully diluted basis for Rs 4,621 crore.
CaratLane is a subsidiary of Titan and on completion of the aforesaid share purchase, would result in an increase in shareholding of the company in CaratLane from 71.09 per cent to 98.28 per cent 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.
CaratLane is an unlisted private company and is engaged in the manufacture and sale of jewellery.
CaratLane Trading Private Limited (CaratLane) is an unlisted subsidiary of Titan Company Limited (the company). For FY 2022-23, the turnover of CaratLane was Rs 2,177 crore.
The company currently holds 71.09 per cent of the total equity share capital of CaratLane on a fully diluted basis.
The proposed acquisition would further increase company’s stake in CaratLane to 98.28 per cent on a fully diluted basis, leading to an increase in the company’s economic interest in the said subsidiary.
