Titan Company Limited ('Titan' / 'Company') today announced that it has signed a Share Purchase Agreement with the Founder of CaratLane Trading Private Limited ('CaratLane') and his family members to acquire all the shares held by them representing 27.18% of the total paid-up equity share capital (on a fully diluted basis) of CaratLane for a total consideration oft 4,621 crore.
CaratLane is an unlisted private company engaged in the manufacture and sale of jewellery and is a subsidiary of Titan. On acquisition, the Company would hold an aggregate of 98.28% of the equity share capital and voting rights (on a fully diluted basis) in CaratLane. The transaction will be subject to completion of customary regulatory approvals and closing conditions and is expected to be financed through a combination of cash balances, internal accruals and debt.
CaratLane started as a pure online brand in 2008 with an aim to lead and shape the fast-growing Indian market for affordable and accessible jewellery. Titan first invested in CaratLane in 2016 and over the past 8 years, in partnership with Tanishq, the brand has grown by leaps and bounds. CaratLane has expanded consumer purchase preferences offering beautiful fashionable jewellery for the contemporary woman of today's era. Titan today offers the widest choices to its jewellery consumers through the brands of Tanishq, Mia, Zoya and CaratLane.
Commenting on the announcement C K Venkataraman, Managing Director, Titan, said: "Titan has always prided itself in building strong brands that are amongst the leaders in their categories. We have great faith in the India Consumer story and believe that the growth journey of CaratLane has only begun and has a long way to go. We thank Mithun Sacheti, Founder and Managing Director of CaratLane for having jointly built a customer-centric brand that all of us in Tata Group can be proud of and wish him continued success in his future endeavours."
Mithun Sacheti, Founder and Managing Director, CaratLane, added: "Having dreamt of making beautiful jewellery accessible and affordable to all, I am immensely proud of what we have collectively achieved at CaratLane in the past 15 years and where the business stands today. Looking into the future, there couldn't be a more ideal destination for CaratLane than Titan and the esteemed Tata Group who will provide the perfect opportunities for CaratLane to continue to grow from strength to strength. I whole-heartedly thank Titan as well as extend my heartfelt gratitude to colleagues, partners and million+ customers whose support and love has paved the way to our success and made it India's largest digitally native omni-channel jewellery brand. I wish CaratLane and all those associated with it many more successes in times to come."
Shares of Titan Company Limited was last trading in BSE at Rs. 3049.15 as compared to the previous close of Rs. 3072.40. The total number of shares traded during the day was 31746 in over 4035 trades.
The stock hit an intraday high of Rs. 3079.00 and intraday low of 3036.00. The net turnover during the day was Rs. 96948142.00.