Titan Strengthens Ownership in CaratLane, Secures 27.18% Additional Stake to Achieve 98.28% Total Holding
- ByStartupStory | August 20, 2023
Titan, the well-known fashion accessories brand, has announced its acquisition of an additional 27.18% stake in CaratLane, effectively increasing its total ownership to an impressive 98.28%. Through a share purchase agreement executed on Saturday, the Tata group subsidiary will obtain 91.90 lakh equity shares currently owned by the founder of CaratLane Trading Pvt Ltd and their family members. Regulatory filings confirm this transaction.
Titan has disclosed that it will invest “Rs 4,621 crore” to secure the 27.18 percent equity shares of CaratLane, accounting for full dilution. Operating in the jewelry sector, CaratLane Trading, an unlisted entity, showcases its expertise in both manufacturing and sales. Its turnover for fiscal year 2023 reached Rs 2,177 crore.
The acquisition is anticipated to be finalized by October 31, 2023, subject to regulatory approvals from the Competition Commission of India (CCI). “On acquisition of 27.18% of the shareholding of CaratLane, the company would hold an aggregate of 98.28 per cent of the equity share capital on a fully diluted basis and voting rights in CaratLane,” stated the announcement.
Established in September 2007, CaratLane operates not only in India but also extends its presence to the United States through its subsidiary.
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