Titan Company Ltd to form JV in Bangladesh

Titan Company Ltd has executed today i.e., 28th June 2024, a Joint Venture Agreement with Rhythm Jewelry Limited, a Rhythm Group Company in Bangladesh, for incorporation of a joint venture company in Bangladesh with the objective of manufacturing, marketing and retailing of jewellery products in Bangladesh.

On incorporation of the joint venture company, Titan will subscribe to 76,000 shares (76%) and Rhythm will subscribe to 24,000 equity shares (24%) of the Capital at a face value of BDT 100 per share, in one or more tranches.

Post infusion of equity, the joint venture company will become a subsidiary of Titan.

Titan shall have right to nominate 3 directors and Rhythm shall nominate 1 director in the joint venture company upon its incorporation. The Managing Director / CEO of the proposed joint venture company shall be amongst the Titan Nominee Directors/persons nominated by Titan, as the case may be.

Shares of Titan Company Limited was last trading in BSE at Rs. 3406.10 as compared to the previous close of Rs. 3380.40. The total number of shares traded during the day was 47820 in over 8634 trades.

The stock hit an intraday high of Rs. 3419.95 and intraday low of 3368.60. The net turnover during the day was Rs. 162787940.00.

Source : Equity Bulls

Keywords

TitanCompany INE280A01028 JVAgreement RhythmJewelry JVCompany Bangladesh