Mumbai, July 22 -- In a regulatory filing made post market hours yesterday, the company informed that Titan, through its wholly owned subsidiary Titan Holdings International FZCO (Titan Holdings), has entered into an agreement for the sale and purchase of shares, to acquire 67% stake in Damas LLC (UAE), the current holding company for Damas jewellery business in GCC countries from Mannai Corporation.

The current Graff Monobrand Franchisee business of Damas LLC will be discontinued before completion of the proposed transaction.

The consideration for the proposed transaction is arrived on the basis of the enterprise value of AED 1,038 million. On the completion of this acquisition. Titan Holdings would hold 67% of the equity share capital...