Titan Company signs SPA to acquire 27.18% additional stake in CaratLane

Titan Company has signed a Share Purchase Agreement (SPA) with the Founder of CaratLane Trading (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 of Rs 4,621 crore.  

CaratLane is a subsidiary of the company and on completion of the aforesaid share purchase, would result in an increase in shareholding of the company in CaratLane from 71.09% to 98.28% on a fully diluted basis. The indicative time period for completion of the acquisition would be October 31, 2023, subject to the timely receipt of requisite approvals. 

Titan Company is an Indian designer and manufacturer of watches, jewellery, precision engineering components and other accessories including sunglasses, wallets, bags and belts. The company is among India’s most respected lifestyle companies. It has established leadership positions in the watches, jewellery and Eyewear categories led by its trusted brands and differentiated customer experience. It was founded in 1984 as a joint-venture between TATA Group and Tamilnadu Industrial Development Corporation (TIDCO).   

At 1 pm, the shares of Titan Company were trading at Rs 3068.75, up by 0.64% from its previous closing of Rs 3049.15 on the BSE. 

Today, the stock opened at Rs 3050.00 and has touched a high and low of Rs 3079.00 and Rs 3049.95 respectively.  

The BSE group ‘A’ stock of face value Rs 1 has touched a 52 week high and low of Rs 3211.10 and Rs 2268.90, respectively. 

Last one week high and low of the scrip stood at Rs 3079.00 and Rs 2980.95 respectively. The current market cap of the company is Rs 2,72,195.24 crore. 

The promoters holding in the company stood at 52.90%, while Institutions and Non-Institutions held 29.17% and 17.94% respectively. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.