ITC Limited to acquire further stake in Delectables Technologies Pvt Ltd

ITC Limited has today entered into definitive agreements to acquire further 2,286 Equity Shares of ₹ 10/- each of Delectable Technologies Private Limited ('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).

Delectable is a start-up founded by Mr. Satvik Sarwade, an IITian, in 2014 and is engaged, in fabricating vending machines and app based sale of FMCG products through such machines primarily installed across office locations.

The said acquisition will, further strengthen presence of ITC's FMCG products in the emerging distribution channel of vending machines.

Shares of ITC Limited was last trading in BSE at Rs. 450.30 as compared to the previous close of Rs. 451.55. The total number of shares traded during the day was 166180 in over 5335 trades.

The stock hit an intraday high of Rs. 454.55 and intraday low of 446.90. The net turnover during the day was Rs. 74966267.00.

Source : Equity Bulls

Keywords

ITC INE154A01025 Investment DelectablesTechnologies