ITC Ltd increases stake in Delectable Technologies Pvt Ltd

ITC Ltd had earlier acquired, in the first tranche, 100 Equity Shares of Rs. 10/- each and 1864 Compulsorily Convertible Preference Shares of Rs. 10/- each of Delectable Technologies Private Limited ('Delectable'), representing 11.15% of its share capital on a fully diluted basis.

On 17th September, 2020 the company has acquired, in the second tranche, 1964 Compulsorily Convertible Preference Shares of Rs. 10/- each of Delectable. With this acquisition, the Company’s shareholding in Delectable aggregates 20.06% of its share capital on a fully diluted basis.

Subject to completion of agreed conditions precedent and milestones, ITC has agreed to acquire, in four tranches, up to 33.42% of the share capital of Delectable on a fully diluted basis.

Delectable is engaged in fabricating vending machines and app based sale of FMCG products through such machines. The investment shall strengthen presence of ITC's FMCG products in the emerging distribution channel of vending machines.

Shares of ITC LTD. was last trading in BSE at Rs.179.2 as compared to the previous close of Rs. 178.55. The total number of shares traded during the day was 1216036 in over 8461 trades.

The stock hit an intraday high of Rs. 180.8 and intraday low of 177. The net turnover during the day was Rs. 216985350.

Source : Equity Bulls

Keywords