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.
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