CCI Clears Titan's Additional Stake Purchase In CaratLane Trading

The Competition Commission of India approved the acquisition of an additional stake in CaratLane Trading Pvt. by Titan Co.

The company will buy an additional 27.18% stake in CaratLane Trading on a fully diluted basis, the fair trade regulator said in a statement on Tuesday.

The Tata Group-owned company announced in August that it would acquire a residual stake in its subsidiary CaratLane Trading for a cash consideration of Rs 4,621 crore.

The company had signed a share purchase agreement with the founder of CaratLane, Mithun Sacheti, and his family members to acquire all the shares held by them.

Titan currently holds 71.09% of the total equity share capital of CaratLane. The proposed acquisition of 91.9 lakh equity shares will increase the company’s stake in CaratLane to 98.28%.

The company's market capitalisation crossed the Rs 3 lakh crore mark as its shares hit an all-time high on Tuesday.

Shares of Titan closed 1.27% higher at Rs 3,388.3 apiece, as compared with a 0.45% advance in the benchmark NSE Nifty 50 on Tuesday.