NEW DELHI: Tata group firm Titan Co Ltd is acquiring 62 percent stake in online jewellery player Carat Lane for Rs 357.24 crore.
The company, which in May had announced the decision to buy a majority stake in Carat Lane, today said it has signed a share purchase agreement for the same.
“The purchase consideration required for the shares being acquired is Rs 357.24 crore. Number of shares to be acquired is 1,91,42,545 representing 62 percent of the company’s (Carat Lane) share capital,” Titan Co said in a BSE filing.
Carat Lane, which was incorporated in 2007 had revenue of Rs 141 crore in 2015-16, Rs 127 crore in 2014-15 and Rs 101 crore in 2013-14, it added.
Explaining the rationale behind the move, Titan said: “We believe the synergies with the jewellery business of Titan Co is very high.”
Source: Economic Times