Titan to acquire 62% shares in Carat Lane for Rs 357 cr

Carat Lane has revenues of Rs 141 cr during the financial year ended March 31, 2016

Titan Company Ltd has said that it would acquire around 62 per cent of shares in online jewellery Carat Lane Trading Pvt Ltd, for a consideration of Rs 357.24 crore. The acquisition is expected to be completed in 14 business days, said the company.

According to a regulatory filing by the company today, it will be acquiring 19,142,545 equity shares representing around 62 per cent of Carat Lane's share capital. "Acquisition of 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 is expected to have high synergies with the jewellery business of Titan Company," it said.

The company has announced the acquisition in May, this year, though the number of shares and the purchase consideration were not announced then.

Carat Lane has revenues of Rs 141 crore during the financial year ended March 31, 2016, recording a growth from Rs 127 crore in the previous fiscal year.