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Titan Company soars on plan to acquire 62% stake in Carat Lane

15 Jul 2016

Titan Company is currently trading at Rs 432.00, up by 17.25 points or 4.16% from its previous closing of Rs. 414.75 on the BSE.

The scrip opened at Rs. 425.00 and has touched a high and low of Rs. 434.95 and Rs. 421.70 respectively. So far 133621 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 434.95 on 14-Jul-2016 and a 52 week low of Rs. 303.00 on 29-Oct-2016.

Last one week high and low of the scrip stood at Rs. 416.25 and Rs. 398.10 respectively. The current market cap of the company is Rs. 38396.75 crore.

The promoters holding in the company stood at 53.05%, while Institutions and Non-Institutions held 25.31% and 21.63% respectively.

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.

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SEBI Registered: Investment Adviser - INA000013323