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Titan to Acquire Remaining Stake in CaratLane for Rs 60.08 Crore

, By Team SNFYI
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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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Titan to Acquire Remaining Stake in CaratLane for Rs 60.08 Crore

, By Team SNFYI
Artificial Intelligence


News Update

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.

Follow Startup Story





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News
Flourish Ventures Promotes Investment Lead in India
Next News
BLUETTI’s ice-making fridge freezer + modular power station is a car-camping dream
Team SNFYI
Team SNFYI

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