TITAN Company Ltd's subsidiary to invest 'Clean Origin' jewellery

TCL North America Inc., (TCLNA) a wholly-owned subsidiary of TITAN Company Ltd has today signed a Stock Purchase Agreement with Great Heights Inc., USA (Great Heights) for subscription of shares with voting preferred stock in the capital stock of Great Heights, which would result in TCLNA holding up to 17.5% voting rights in Great Heights.

This investment of USD 20 Million in Great Heights by TCL North America Inc. (TCLNA), a wholly owned subsidiary of the Company, does not fall within the purview of Related Party Transaction.

This is a strategic investment that will provide Titan a ring-side view of the fastgrowing Lab Grown Diamond (LGD) and Direct to Consumer (D2C) sectors. Great Heights retails LGD jewellery through its brand "Clean Origin".

Shares of Titan Company Limited was last trading in BSE at Rs. 2467.00 as compared to the previous close of Rs. 2432.90. The total number of shares traded during the day was 32008 in over 2933 trades.

The stock hit an intraday high of Rs. 2517.60 and intraday low of 2446.35. The net turnover during the day was Rs. 79277195.00.

Source : Equity Bulls

Keywords

TitanCompany INE280A01028 StockPurchase GreatHeights Jewellery CleanOrigin