Titan Company on February 27 said it would buy a 0.36 percent stake held by individual shareholders in jewellery brand CaratLane for Rs 60.08 crore.
The acquisition of the stake would make CaratLane a wholly-owned subsidiary of Titan. At present, the luxury accessories manufacturer owns 99.64 percent of the total equity share capital of CaratLane.
Titan, in an exchange filing, said it "executed relevant documents today" to purchase a balance of 1,19,489 equity shares held by the individual shareholders, "representing 0.36 percent of the total paid-up equity share capital of face value of Rs 2 each".
The cost of the acquisition came in at "Rs 60.08 crore", and the indicative period for completion of the transaction would be March 31, 2024, Titan added.
CaratLane, an unlisted entity, has a business presence in India and the United States. The company's turnover in fiscal year 2022-23 stood at Rs 2,177 crore. This was higher as compared to Rs 1,267 crore in FY22 and Rs 723 crore in FY21.
Meanwhile, during the trading session on February 27, the shares of Titan edged higher in the stock markets. The scrip settled at Rs 3,652.55 apiece on the BSE, higher by 0.87 percent as against the previous day's close.
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