ITC acquires 1,040 CCPS to increase stake to 16% in Mother Sparsh Baby Care

16 Mar 2022 , 12:10 PM

ITC Limited has acquired 1,040 compulsorily convertible preference shares (CCPS) of Rs10 each of Mother Sparsh Baby Care. With this, its shareholding in Mother Sparsh stands at 16%.

The company had entered into a Share Subscription Agreement on November 26, 2021 to acquire 16% of the share capital of Mother Sparsh (on a fully diluted basis).

The said acquisition worth Rs20 crore will enable access to the fast growing direct to consumer (D2C) space in the ‘personal care’ category, which has been identified by the Company as an area of interest.

ITC Ltd was trading at Rs239.60 per piece up by Rs1.8 or 0.76% from its previous closing of Rs237.80 per piece on the BSE.

The scrip opened at Rs239.15 and has touched a high and low of Rs240.85 and Rs238.90 respectively.