New Delhi: Fair trade regulator Competition Commission of India (CCI) on Tuesday approved the acquisition. additional shares purchased By Titan In Caratlane. caratlane Engaged in the business of manufacturing and selling gems and jewelery in India.
According to a release, the combination relates to the acquisition of 27.18 per cent share capital of CaratLane (a subsidiary of Titan) on a fully diluted basis by Titan Company Limited from Mithun Padam Sacheti, Siddharth Padam Sacheti and Padmchand Sacheti.
Titan, a joint venture between the Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO), is active across multiple businesses through lifestyle brands including jewellery, eye care, fragrances and fashion accessories.
In August, jewelery maker Titan announced that it is going to increase its stake in its subsidiary and new-age jewelery brand Caratlane to 98.28 per cent by acquiring an additional 27.18 per cent for Rs 4,621 crore.
Recognizing the rapidly growing affordable and accessible jewelery market, Caratlane was launched in 2008 as a completely online brand.
Titan first invested in CaratLane in 2016 and over the past few years, in partnership with its jewelery brand Tanishq, CaratLane has seen substantial growth.
Deals above a certain limit require approval from the regulator, which keeps an eye on unfair business practices as well as promotes fair competition in the market.
Meanwhile, shares of Titan rose nearly 2 per cent to hit 52-week high of Rs 3,400 on the BSE on Tuesday, while the company’s market cap rose to Rs 3.01 lakh crore.
By crossing the market cap of Rs 3 lakh crore, the company became India’s 17th most valuable company in terms of market capitalisation. It is the second most valuable company among the Tata group companies after Tata Consultancy Services (TCS).
According to a release, the combination relates to the acquisition of 27.18 per cent share capital of CaratLane (a subsidiary of Titan) on a fully diluted basis by Titan Company Limited from Mithun Padam Sacheti, Siddharth Padam Sacheti and Padmchand Sacheti.
Titan, a joint venture between the Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO), is active across multiple businesses through lifestyle brands including jewellery, eye care, fragrances and fashion accessories.
In August, jewelery maker Titan announced that it is going to increase its stake in its subsidiary and new-age jewelery brand Caratlane to 98.28 per cent by acquiring an additional 27.18 per cent for Rs 4,621 crore.
Recognizing the rapidly growing affordable and accessible jewelery market, Caratlane was launched in 2008 as a completely online brand.
Titan first invested in CaratLane in 2016 and over the past few years, in partnership with its jewelery brand Tanishq, CaratLane has seen substantial growth.
Deals above a certain limit require approval from the regulator, which keeps an eye on unfair business practices as well as promotes fair competition in the market.
Meanwhile, shares of Titan rose nearly 2 per cent to hit 52-week high of Rs 3,400 on the BSE on Tuesday, while the company’s market cap rose to Rs 3.01 lakh crore.
By crossing the market cap of Rs 3 lakh crore, the company became India’s 17th most valuable company in terms of market capitalisation. It is the second most valuable company among the Tata group companies after Tata Consultancy Services (TCS).
(TagstoTranslate)Business News(T)Titan(T)Stake acquisition(T)CCI approval(T)CaratLane(T)Additional stake bought