Titan completes allotment of new shares

Mumbai, May 22: The rights issue of Tata group company, Titan Industries Limited, closed with over-subscription of 20 per cent and the allotment of the new shares and debentures was made on May 12, a press release here today said.

The Company has allotted 21,13,038 equity shares of Rs 10 each at a premium of Rs 340 per share and an equal number of non-convertible debentures of Rs 250 each to over 29,000 applicants. With a total inflow of Rs 126.83 crore from the rights issue, Titan Industries proposes to embark on further expansion of its retail outlets and its manufacturing base, stated the release.

In FY 06, the Company's sales turnover grew by 30 per cent and both its Time Products Division and the Jewellery Division did well, enabling the company to achieve a turnover of Rs 1,481 crore as against Rs 1,135 crores in FY 05, the release said.

The watch segment grew by 14.9 per cent to a sales income of Rs 654 crore, while jewellery sales went up by 40 per cent to Rs 790 crore, the release said.

The release said both Titan and Tanishq grew at faster rates than in the previous year, and the initiatives with a focus on youth through Fastrack as well as on the mass market brand Sonata had been successful.

Recently, Titan has introduced a high-end Swiss brand called XYLYS, stated the release, adding that the advertising expenditure of the Company on its various brands during the year crossed Rs 100 crore for the first time.

UNI