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.
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