Titan‘s share price was volatile on Wednesday morning after going up close to 1% on Tuesday.
What Happened: The Jewellery manufacturer on Tuesday announced that it was set to acquire the remaining 0.4% stake, equivalent to 1.19 lakh shares, in its subsidiary CaratLane for a sum slightly exceeding ₹60 crore. The transaction is expected to conclude by the end of March.
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Currently, Titan holds a 99.64% stake in CaratLane, making it a majority-owned subsidiary. Upon the completion of the impending share purchase, CaratLane will transition into a wholly-owned subsidiary of Titan. This move aligns with Titan’s strategic consolidation efforts within its business portfolio.
CaratLane reported a turnover of ₹2,177 crore for FY23. In the quarter ending December, the company experienced a notable 32% increase in income, reaching ₹893 crore. During the last quarter, CaratLane expanded its footprint by adding 16 new stores, bringing the total store count to 262 across 105 cities in India.
Price Action: Titan’s share price was down 0.24% to trade at ₹3,645 as the markets opened on Wednesday.
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