Titan's subsidiary to acquire 10% stake in CueZen for $3.5 million

The deal is expected to be completed by the end of December, the Tata Group company informed bourses.

"TCL North America Inc, a wholly-owned subsidiary of the company (Titan), has signed a Series Seed Stock Purchase Agreement with CueZen Inc, a Delaware Corporation, for subscription of Series Seed Preferred Stock in the Common Stock, which would result in TCL NA holding 10% in CueZen on a fully diluted basis,” Titan said.

Titan posted a 10% increase in net profit for the July-September quarter at ₹940 crore from last year. Its revenue rose 33.6% to ₹11,660 crore, compared to ₹8,730 crore in the corresponding quarter of last fiscal.

During the September quarter, the company added 81 stores across verticals, taking the group's retail presence to 2,859 outlets, according to a quarterly update by Titan.

In October, the branded jewellery maker disclosed that its board approved plans to raise up to ₹2,500 crore through multiple avenues.

Shares of Titan Company were trading at ₹ 3,597.5 apiece, up 0.18% on BSE at 11:19AM.