ITC has entered into definitive agreements to acquire further 2,286 Equity Shares of Rs 10 each of Delectable Technologies (Delectable), an associate company, subject to completion of agreed conditions precedent. The said shares, once acquired, will take the Company’s shareholding in Delectable from 33.42% to 39.32% (on a fully diluted basis).
The said acquisition will, inter alia, further strengthen presence of ITC’s FMCG products in the emerging distribution channel of vending machines. The share acquisition is expected to be completed within 30 days from the date of execution of the definitive agreements (viz. Share Subscription Agreement and Amended and Restated Shareholders’ Agreement) or such other date as may be mutually agreed between the Parties.
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.
