Tata group firm Titan has increased stake in its jewellery subsidiary CaratLane to 69.47 per cent with an investment of Rs 99.99 crore.
“In response to offer of shares made by Carat Lane Trading Private Limited, a subsidiary of the company, it has subscribed to 30,48,780 additional equity shares of CaratLane thereby increasing its stake in CaratLane on March 30, 2019,” Titan said in regulatory filing on Sunday.
CaratLane is in the business of manufacturing and sale of precious and semi-precious jewellery through its e-commerce business and also through retail showrooms. “The shareholding of the company in CaratLane has increased from 66.39 per cent to 69.47 per cent,” the company said.
CaratLane registered a revenue of Rs 292.5 crore for the year ended March 2018. The value of additional equity shares offered by CaratLane was Rs 99,99,99,840, it added.