Titan Industries completes allotment of new shares
May 22, 2006

The rights issue of Titan Industries closed with over-subscription of 20 per cent and allotment of the new shares and debentures was made on May 12, 2006. 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 crores from the rights issue, the company is set to embark on an ambitious programme of further expansion of its retail outlets and its manufacturing base.

During the year 2005-06, the sales turnover of the company grew by 30 per cent. Both the time products division and the jewellery division did well, enabling the company to achieve a turnover of Rs 1,481 crore, compared to Rs 1,135 crore in 2004-05. 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.

All the company's brands are doing exceedingly well. 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 have been successful. The company has also recently introduced a high-end Swiss brand XYLYS. The advertising expenditure of the company on its various brands during the year crossed Rs 100 crore for the first time.