Titan Company on Monday revealed the completion of a deal to acquire the remaining 0.4 per cent stake in its subsidiary CaratLane, equivalent to 1,19,489 shares.
With Titan presently holding a 99.64 per cent stake, this transaction will transition CaratLane into a wholly-owned subsidiary of Titan. The company disclosed in an exchange filing that it had executed relevant documents for the purchase, which involves acquiring 0.36 er cent of the total paid-up equity share capital of CaratLane from individual shareholders. The completion of this share acquisition is contingent upon meeting other closing conditions.
The acquisition is set to cost Titan a sum exceeding Rs 60 crore, and the company aims to finalise the transaction by the end of March. As of now, CaratLane operates as a subsidiary of Titan, with the latter holding 99.64 per cent of the total paid-up capital.
Following the successful share purchase, CaratLane will become a fully-owned subsidiary of Titan.
