Tata Group company Titan is buying a 67 percent stake in Dubai’s jewelery firm Damas LLC (UAE). The company will purchase this company through its subsidiary Titan Holdings International FZCO. The Titan company has informed the stock markets about this. The exchange filing stated that Titan Holdings International FZCO has signed a share sale and purchase agreement with Damas International Limited, UAE. Damas International, Mannai Corporation QPSC, Qatar is a complete ownership subsidiary.
Damas LLC (UAE) is currently a holding company for Damas Jewelery Business in GCC countries. The GCC i.e. Gulf Cooperation Council is the political and economic union of 6 countries of the Middle East- Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the United Arab Emirates. The current graph monobrand franchise business of Damas LLC will be closed before the completion of proposed transactions.
After 31 December 2029, the remaining 33 percent shareholding can be purchased
Damas LLC (UAE) will be restructured as Signature Jewelery Holding Limited UAE. After restructuring, Signature Jewelery Holding Limited will become the holding company of Damas. All entities under Damas LLC (UAE) will become a subsidiary companies of Signature Jewelery Holding Limited. Titan says she will buy 67 percent stake first. This transaction is to be completed by 31 January 2026. After 31 December 2029, Mannai will have the right to sell the remaining 33 percent stake and to buy it near Titan Holding.
Share closed in green mark
Titan Company Ltd The stock closed at Rs 3433.30 on July 21 at Rs 3433.30. The company’s market cap is more than Rs 3 lakh crore. The stock has climbed only 5 percent in a year. The company had a 52.90 percent stake in the company by the end of the June 2025 quarter. Titan will release the April-June 2025 quarter results on 7 August.
In early July, CITI gave a target price of Rs 3800 with ‘Neutral’ calls for Titan shares, Rs 4326 with ‘outperform’ rating and Morgan Stanley gave a target price of Rs 3876 per share with ‘overweight’ rating. The company’s revenue was Rs 13,477 crore and net profit of Rs 870 crore on the standalone basis in the January-March 2025 quarter.
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