Key Points
Mumbai: Indias Tata Group-owned Titan Co will raise its stake in its subsidiary CaratLane Trading by 27.2% for 46.21 billion rupees ($555.8 million), the parent company said in an exchange filing on Saturday...
Titan has entered into a share purchase agreement to acquire all the 91,90,327 equity shares held by the founder of CaratLane Trading and his family members, representing 27.18% of the total paid-up equity share capital of CaratLane on a fully diluted basis, the release said.. Unlisted CaratLane makes and sells jewellery..
Titan, a joint venture between the Tata Group and Tamilnadu Industrial Development Corp, started as a watch company but has diversified into jewellery and eye care...
On completion of the purchase, Titan will hold 98.28% of CaratLane on a fully diluted basis, up from 71.09%...
The transaction will be subject to completion of customary regulatory approvals and closing conditions and is expected to be financed through a combination of cash balances, internal accruals and debt, Titan said...
