OTHER GROUP COMPANIES
market

ITC acquires 8.70% stake in Mother Sparsh Baby Care; Stock inches higher

The acquisition is in accordance with ITC's announcement made last month, when the company had said to acquire a 16% stake in Mother Sparsh through a share subscription agreement.

December 21, 2021 12:15 IST | India Infoline News Service
ITC
ITC Limited on Saturday has announced that it has bought an 8.70% equity stake in Mother Sparsh Baby Care.

The acquisition is in accordance with ITC's announcement made last month, when the company had said to acquire a 16% stake in Mother Sparsh through a share subscription agreement.

ITC Ltd is currently trading at Rs214.95, up by Rs2.65 or 1.25% from its previous closing of Rs212.30 on the BSE. The scrip opened at Rs214 and has touched a high and low of Rs215.45 and Rs212 respectively.

“ITC has acquired on 17 December 2021, in the first tranche, 100 Equity Shares of 10/- each and 940 Compulsorily Convertible Preference Shares off 10/- each of Mother Sparsh Baby Care, representing 8.70% of its share capital on a fully diluted basis,” the FMCG company said in the release.

In another announcement, the company said in the regulatory filing on Tuesday that, “Further to our letter dated 13th November 2019, we write to advise, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 that the Company has acquired on 20th December 2021, in the third tranche, 1,964 Compulsorily Convertible Preference Shares of (10/- each of Delectable Technologies Private Limited (Delectable).”

“With the aforesaid acquisition, the Company's shareholding m Delectable aggregates 27.34% of its share capital on a fully diluted basis,” it added.

OPEN A DEMAT ACCOUNT & Get
FREE Benefits Worth 5,000

FEATURED ARTICLE

BLOGS

Open Demat Account

  • 0

    Per Order for ETF & Mutual Funds Brokerage

  • 20

    Per Order for Delivery, Intraday, F&O, Currency & Commodity