Titan Company is acquiring 62% stake in online jewellery chain CaratLane Trading in a cash deal amounting to Rs 357.24 crore. The company, which had announced the deal in May this year, has signed a share purchase agreement for the same. The acquisition is expected to be completed within 14 business days subject to completion of pre-closing conditions. Number of shares to be acquired is 19,142,545 representing 62 percent of the company's (Carat Lane) share capital.
Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.