Titan subscribes to over 30 lakh additional equity shares of CaratLane to increase its stake
CaratLane, currently, operates over 50 retail stores across India
NEW DELHI :
Watch and jewellery retailer Titan Company has increased its stake in jewellery retailer CaratLane to 69.47% for ₹99.99 crore, the company said in a regulatory filing on March 31.
“Titan Company has subscribed to 30,48,780 additional equity shares of CaratLane thereby increasing its stake in CaratLane on 30 March, 2019. Pursuant to the above, the shareholding of the company in CaratLane has increased from 66.39% to 69.47%," it said in the filing.
Titan, that also sells jewellery through its Tanishq stores across India, first picked up a majority stake in CaratLane back in 2016 in a bid to expand its presence online. Currently, CaratLane operates over 50 retail stores across India apart from selling jewellery online. For the year ended March 31, 2018, CaratLane’s total revenue stood at ₹292.50 crore.
CaratLane was started in September 2007 by Mithun Sacheti and Srinivasa Gopalan.
It designs, manufactures, trades and retails gems and jewellery online as well as through physical stores in India.