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Titan To Complete Caratlane Acquisition In A Month

By Religare
|

Titan Company said the all-cash acquisition of online jewellery portal Caratlane would be concluded within a month's time, said the media report.

"Currently, valuation exercise is on. We hope to conclude the transaction in a month's time. It will be an all-cash deal," Titan Managing Director Bhaskar Bhat told PTI.

Titan To Complete Caratlane Acquisition In A Month
Titan Company: Quotes, News
BSE 1090.60BSE Quote9.7 (0.89%)
NSE 1091.05NSE Quote11.05 (1.01%)
 

He said after negotiations the company would finalise the stake. "We will hold in excess of 51 percent, but exact stake will be finalised later," he said.

Declining to share details of future plans, Bhat said, "We will share details of our future plans on Caratlane after the acquisition is complete."

Carat Lane Trading, owner of online jeweller Caratlane, had raised Rs 185 crore from US hedge fund Tiger Global, in 2015.

Caratlane operates in an omni-channel approach with 13 offline stores in Bengaluru, Delhi-NCR, Hyderabad, Coimbatore, Chandigarh, Chennai, Thane and Pune.

Meanwhile, shares of the company were trading at Rs 372.1 apiece, up 0.64 per cent from the previous close at 10:37 hours on BSE.

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