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Business News/ Markets / Stock Markets/  Titan to purchase remaining stake in CaratLane; jewellery brand to become wholly-owned subsidiary
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Titan to purchase remaining stake in CaratLane; jewellery brand to become wholly-owned subsidiary

Titan to purchase remaining stakes in subsidiary jewellery brand CaratLane. This stake buy makes CaratLane a wholly-owned subsidiary of Titan.

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CaratLane

Titan Company, on Monday, said that it has finalized a deal to purchase the remaining 0.4% stake, equivalent to 1,19,489 shares, in its subsidiary CaratLane.

Currently, CaratLane is under Titan's umbrella, with Titan holding a 99.64 percent stake. Once this share acquisition is completed, CaratLane will transition into a fully-owned subsidiary of Titan.

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“With reference to the captioned subject, this is to inform you that Titan Company Limited (the Company) 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% of the total paid-up equity share capital of face value of Rs. 2 each/- of CaratLane. The purchase transaction would be completed on fulfilment of other closing conditions," the company said in an exchange filing.

Titan is set to acquire the remaining shares for a sum exceeding 60 crore, with plans to finalize the transaction by the end of March. 

“As on date, CaratLane is a subsidiary of the Company wherein the Company hold 99.64% of the total paid up capital of CaratLane. The completion of the aforesaid share purchase would result in CaratLane becoming a wholly owned subsidiary of the company," it added.

CaratLane, reporting a turnover of 2,177 crore for the fiscal year 2022-23 (April-March), saw a notable 32% increase in income to 893 crore for the quarter concluding in December. 

Adding to its expansion, CaratLane opened 16 new stores during the last quarter, elevating the total store count to 262 across 105 cities nationwide.

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 Established in 2008, CaratLane, an initiative by Titan, aims to offer accessible, affordable, and timeless jewellery. 

Despite a slowdown in various consumption sectors, Titan's jewellery division recorded a remarkable 20 percent year-on-year revenue growth for the December quarter, with management maintaining confidence in achieving 20 percent annual growth in the foreseeable future. 

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Published: 27 Feb 2024, 05:18 PM IST
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