- ByStartupStory | February 28, 2024
Titan Company Limited has announced its intention to purchase the remaining 0.36% stake in CaratLane for a sum of Rs 60.08 crore. Currently holding 99.64% of CaratLane’s total equity share capital, Titan aims to solidify its position by acquiring the balance stake.
In a regulatory filing, Titan stated, “As on date, CaratLane is a subsidiary of the company wherein the company holds 99.64% of the total paid-up capital of CaratLane.” The completion of this share purchase will mark CaratLane’s transition into a wholly-owned subsidiary of Titan, with the company expressing, “The proposed purchase of shares would further increase the Company’s (Titan) stake in CaratLane to 100%, thereby making CaratLane a wholly-owned subsidiary of the Company.”
CaratLane, engaged in the manufacturing and selling of jewelry, reported a turnover of Rs 2,177 crore for the fiscal year 2022-23. In 2021, the company disclosed a gross revenue of Rs 723 crore, which saw a significant increase to Rs 1,267 crore in 2022.
The transaction, subject to regulatory approvals, is anticipated to be concluded by March 31, 2024.
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