Titan signed a share purchase agreement with CaratLane’s founder and family to acquire their 27.18% stake for ₹4,621 crore. The transaction pegs CaratLane’s valuation at about ₹17,000 crore.
For Titan, increasing the stake in CaratLane is a step in the right direction. As analysts from Nuvama Research point out, “This is a positive for Titan given the scale-up potential for CaratLane—the higher the share that Titan owns, the better for its shareholders."
After acquisition, Titan would hold 98.28% stake in CaratLane on a fully diluted basis. The transaction is expected to be financed through a mix of cash balances, internal accruals and debt. As on 31 March, Titan’s consolidated cash and cash equivalents; and other bank balances stood at ₹1,343 crore. Titan is expected to partly fund the stake purchase with borrowings.
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