MUMBAI - India's Tata Group-owned Titan Co will acquire an additional 27.18% of equity shares in its subsidiary CaratLane Trading Pvt Ltd for 46.21 billion rupees ($555.81 million), it said in an exchange statement on Saturday.

Titan has entered into a share purchase agreement to acquire all of the 91,90,327 equity shares held by the founder of CaratLane Trading Private Limited and his family members, representing 27.18% of the total paid-up equity share capital of CaratLane on a fully diluted basis, the release said. ($1 = 83.1400 Indian rupees)

(Reporting by Swati Bhat; Editing by Kim Coghill)