2023-08-19 08:07:15
India’s Tata Group-owned Titan Co will increase its stake in subsidiary CaratLane Trading by 27.2% to 46.21 billion rupees ($555.8 million), the parent company said in a stock market statement on Saturday. .
Titan has entered into a stock purchase agreement to acquire all 91,90,327 shares held by the founder of CaratLane Trading and his family members, representing 27.18% of the paid-up share capital of CaratLane on a fully diluted, according to the statement.
CaratLane, which is not listed on the stock exchange, manufactures and sells jewelry. Titan, a joint venture between the Tata Group and the Tamilnadu Industrial Development Corp, started as a watch company but branched out into jewelry and eye care.
Upon completion of the purchase, Titan will own 98.28% of CaratLane on a fully diluted basis, down from 71.09% previously.
“The transaction will be subject to receipt of customary regulatory clearances and closing conditions. It is expected to be funded by a combination of cash, internal provisions and debt,” Titan said.
The indicative deadline for making the purchase was set at 31 October.
($1 = 83.1400 Indian rupees) (Reporting by Swati Bhat; Writing by Kim Coghill and William Mallard)
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