Titan to acquire CaratLane promoter’s balance stake for ₹4,621 crore
The Hindu
Titan Co. acquires 27.18% of CaratLane Trading Pvt. Ltd. for ₹4,621 cr. Titan will hold 98.28% of CaratLane's equity & voting rights. C.K. Venkataraman & Mithun Sacheti believe CaratLane's growth journey has only begun & will be further strengthened by Titan & the Tata Group.
Titan Company Ltd. said it had signed a share purchase agreement with the founder of CaratLane Trading Private Ltd. and his family members to acquire all the shares held by them, representing 27.18% of the total paid-up equity share capital (on a fully diluted basis) of CaratLane, for a total consideration of ₹4,621 crore.
A subsidiary of Titan, CaratLane is an unlisted private company engaged in the manufacture and sale of jewellery items.
Subsequent to the transaction, Titan would hold an aggregate of 98.28% of the equity share capital and voting rights (on a fully diluted basis) in CaratLane. The transaction will be financed through a combination of cash balances, internal accruals and debt. Titan’s jewellery segment brand architecture include Tanishq, Mia, Zoya and CaratLane
C. K. Venkataraman, Managing Director, Titan in a statement said, “We believe that the growth journey of CaratLane has only begun and has a long way to go.”
Mithun Sacheti, Founder and Managing Director, CaratLane, said “Having dreamt of making beautiful jewellery accessible and affordable to all, I am immensely proud of what we have collectively achieved at CaratLane in the past 15 years and where the business stands today. Looking into the future, there couldn’t be a more ideal destination for CaratLane than Titan and the esteemed Tata Group who will provide the perfect opportunities for CaratLane to continue to grow from strength to strength.”
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