Titan to acquire balance stake of CaratLane for Rs 60.08 crore

Titan Company Limited on Tuesday informed that it will buy the balance 0.36 per cent stake of CaratLane for Rs 60.08 crore. Titan currently holds 99.64 per cent of the total equity share capital of CaratLane. "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 company said in a regulatory filing.

The completion of the share purchase would result in CaratLane becoming a wholly-owned subsidiary of Titan. "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," Titan said.

For the FY 2022-23, the turnover of CaratLane was Rs 2,177 crore. The company, which is in the business of manufacturing and selling of jewellery, reported gross revenue of Rs 723 crore in 2021 and Rs 1,267 crore in 2022.

The transaction is likely to be completed by March 31, 2024.