Tata group firm Titan Co Ltd is acquiring 62 per cent stake in online jewellery player Carat Lane for Rs 357.24 crore.
The company, which in May had announced decision to buy a majority stake in Carat Lane, now said that 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 per cent of the company's (Carat Lane) share capital," Titan Co said in a filing to the Bombay Stock Exchange.
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."
Carat Lane is a leading brand and business in the jewellery online industry catering to a different segment of customers with significant internal capabilities in design, manufacturing, technology and e-commerce, it added. The acquisition is expected to be completed within 14 business days subject to completion of pre-closing conditions, it added.
Meanwhile, shares of the company were trading at Rs 430.30 apiece, up 3.75 per cent from the previous close at 10:50 hours on BSE.