ITC has entered into definitive agreements to acquire further 857 Compulsorily Convertible Preference Shares of Rs 10 each of Mother Sparsh on June 19, 2023. The said shares, once acquired, will take the Company’s shareholding in Mother Sparsh from 22% to 26.50% (on a fully diluted basis). The said acquisition is in line with the Company’s continued interest in the fast growing Direct to Consumer (D2C) space in the 'personal care' category.
This share acquisition is expected to be completed within 40 days from the date of execution of the agreements. The cost of acquisition is around Rs 11.54 crore.
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.
