Titan Company Ltd.

Titan Company through its wholly owned subsidiary -- Titan Holdings International FZCO (Titan Holdings) has entered into an Agreement to acquire 67% stake in Damas LLC (UAE) (Damas LLC), current holding company for Damas jewellery business in GCC countries (Damas Business) from Mannai Corporation (Mannai). The current Graff Monobrand Franchisee business of Damas LLC will be discontinued before completion of the Proposed Transaction.

The consideration for the proposed transaction is arrived on the basis of the enterprise value of United Arab Emirates Dirham 1,038 million. On completion of the acquisition, Titan Holdings would hold 67% of the equity share capital and voting rights in Damas LLC and a path to acquire the balance 33% stake from Mannai after December 31, 2029, subject to conditions agreed upon in the definitive document.

The completion of the Proposed Transaction would be subject to certain conditions precedent, customary closing adjustments and approvals from anti-trust and other regulatory authorities in certain jurisdictions as may be applicable and is expected to be financed through a combination of debt cash balances, and internal accruals.

Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts.