Titan Company Ltd on Tuesday announced that it has entered into an agreement to acquire the remaining 0.36 per cent stake in CaratLane for Rs 60.08 crore. “Titan Company Limited had executed relevant documents today to purchase balance 1,19,489 equity shares held by the individual shareholders of CaratLane Trading Private Limited (CaratLane) representing 0.36 per cent of the total paid-up equity share capital of face value of Rs 2 each of CaratLane,” the company said in a regulatory filing.
Currently, CaratLane is a subsidiary of Titan Company wherein it holds 99.64 per cent of the total paid up capital of CaratLane. The completion of the aforesaid share purchase would further increase the company’s stake in CaratLane to 100 per cent, making it a wholly owned subsidiary of Titan Company.
The indicative time period for completion of the transaction, Titan Company said, would be 31st March, 2024.
Incorporated in 2007, CaratLane is an unlisted subsidiary of Titan Company Limited and had posted a turnover of Rs 2,177 crore during FY 2022-23.
Titan Company had, in August 2023, increased its shareholding in CaratLane to 98.28 per cent from 71.09 per cent, paying Rs 4,621 crore for the additional stake. It had first acquired a 62 per cent stake in CaratLane in 2016 for Rs 357.24 crore.