Titan to buy stake in CaratLane: Titan Company, owned by Tata Group of India, will increase its investment in CaratLane Trading by 27.2% for a total of 46.21 billion rupees ($555.8 million), the parent company announced in a filing with the stock exchange on Saturday.
The founder of CaratLane Trading and his family members possessed 91,90,327 equity shares, or 27.18% of CaratLane’s total paid-up equity share capital on a fully diluted basis, according to a press statement. Titan has signed into a share purchase agreement to buy all of these shares.
Jewellery is created and sold by unlisted CaratLane. The Tata Group and Tamilnadu Industrial Development Corp’s joint venture Titan began as a watch firm but has since expanded into jewellery and eye care.
Titan will hold 98.28% of CaratLane following the acquisition, up from 71.09% on a fully diluted basis.
The deal is anticipated to be financed by a combination of cash on hand, internal accruals, and debt, Titan said. However, it will be subject to satisfying the usual regulatory clearances and closing conditions.
Also read: Pyramid Technoplast IPO Subscribed 78% on Day 1, Aiming to Raise ₹153.05 Crore
For Jammu And Kashmir news update: jk24x7news.tv
