ITC has acquired 2,443 Equity Shares of Rs 10 each and 7,215 Compulsorily Convertible Preference Shares of Rs 10 each in Sproutlife Foods (Sproutlife) for an aggregate consideration of Rs 175 crore, on May 4, 2023. With the aforesaid acquisition, the company’s shareholding in Sproutlife aggregates 39.42% of its share capital on a fully diluted basis.
Earlier, the company had executed the transaction documents, including the Securities Subscription & Purchase Agreement and the Shareholders Agreement, to acquire 100% of the share capital (on a fully diluted basis) of Sproutlife Foods (Sproutlife), in one or more tranches, over a time period of three to four years.
ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agribusiness, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
