Indian jewelry giant Titan Company will up its stake in e-tailer CaratLane to 98%, acquiring the share it didn’t already own for INR 46.21 billion ($557.2 million).
Titan, which already owns 71% of the online jewelry retailer, plans to buy an additional 27% in an all-cash deal, it said Saturday in a notice to the Bombay Stock Exchange (BSE). It intends to complete the buyout by October 31, subject to requisite approvals.
The deal values CaratLane at INR 170.01 billion ($2.05 billion), according to Rapaport calculations.
Incorporated in 2007, CaratLane operates in India and in the US through a local subsidiary. Titan first took a stake in the business in 2016.
Source: DCLA
No comments:
Post a Comment