₹4,621 crore for the additional stake buy, the company said in a filing to the exchanges. Titan had first acquired a 62% stake in CaratLane in 2016 for ₹357.24 crore making it a subsidiary of the company, and had subsequently raised its stake in the omni-channel jewellery retailer. CaratLane, a subsidiary of Titan Company, was founded in 2008 by Mithun Sacheti and Srinivasa Gopalan.
In fiscal 2023, CaratLane reported a total income of ₹2,177 crore. As part of the transaction, Titan Company has acquired the entire 91,90,327 equity shares held by the founder of CaratLane Trading and his family members representing 27.18% of the total paid-up equity share capital for ₹4,621 crore. "The company currently holds 71.09 % of the total equity share capital of CaratLane on a fully diluted basis.
The proposed acquisition would further increase company’s stake in CaratLane to 98.28% on a fully diluted basis, leading to an increase in the company’s economic interest in the said subsidiary," it said in a filing to the exchanges on Saturday. Titan’s jewellery portfolio comprises brands such as Tanishq, Mia, Zoya and CaratLane. "Titan has always prided itself in building strong brands that are amongst the leaders in their categories.
We have great faith in the India Consumer story and believe that the growth journey of CaratLane has only begun and has a long way to go," C K Venkataraman, Managing Director, Titan, said in a statement. In fiscal 2022-23, the company reported standalone revenues of ₹38,569 crore; of this, the jewellery business reported revenues of ₹31,897 crore. The transaction is subject to completion of customary regulatory approvals and closing conditions and is expected to be financed through a combination of cash
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