Tata group company Titan is buying another 27.18% stake in its subsidiary CaratLane Trading from the jewellery brand’s Chennai-based founder Mithun Sacheti and his family for Rs 4,621 crore in an all-cash deal.

In an exchange filing on Saturday, Titan said it is acquiring 9,190,327 equity shares in CaratLane after which its stake in the company will increase to 98.28%.

The deal, which comes after months of negotiations, pushes up CaratLane’s valuation to a phenomenal Rs 17,000 crore (about $2 billion), from Rs 563 crore in 2016, when Titan first acquired a majority stake in CaratLane.

The transaction for the 27.18% stake is expected to close by October 31, subject to regulatory approvals, Titan said in its filing.

Between 2016 and 2019, Titan bought shares of the physical and online jewellery retailer in tranches, spending a total of Rs 440-450 crore, mainly through secondary purchase of shares from Tiger Global.