Titan first bought 62% stake in CaratLane in 2016 at a valuation of about Rs 563 crore.Titan Strengthens Ownership in CaratLane
Tata Group company Titan has signed an agreement with Caratlane to acquire another 27.18% stake for a sum of Rs 4,621 crore.
During the exchange filing, Titan said it acquired around 9,190,327 equity shares in CaratLane from Mitun Sacheti and its family, following which its stake in the company will increase to 98.28%. Titan Strengthens Ownership in CaratLane
Titan first bought 62% stake in CaratLane in 2016 at a valuation of about Rs 563 crore. After that the company spent a total of Rs 440-450 crore mainly through the secondary purchase of shares from Tiger Global, the only venture investor in CaratLane.
The latest transaction is expected to close by October 31, subject to regulatory approvals, Titan said in its filing.
The deal, which comes after months of negotiations, pushes up CaratLane’s valuation to Rs 17,000 crore, or about $2 billion, from Rs 563 crore in 2016, when Titan first acquired a majority stake in CaratLane.
