Titan's subsidiary to acquire 17.5% stake in Great Heights for $20 million

11 Mar 2022 , 02:42 PM

TCL North America Inc., (TCLNA) a wholly-owned subsidiary of the Titan Company Ltd has 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

As per regulatory filing, 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 fast-growing Lab Grown Diamond (LGD) and Direct to Consumer (D2C) sectors. Great Heights retails LGD jewellery through its brand “Clean Origin”, said company.

At around 2:45 PM, Titan Company was trading at Rs2,481 apiece up by Rs14 or 0.57% on Sensex.