ITC Ltd acquires CCPS of Sproutlife

ITC Ltd has acquired 2,356 Compulsorily Convertible Preference Shares of Rs. 10/- each of Sproutlife Foods Private Limited ('Sproutlife'), in terms of the Securities Subscription & Purchase Agreement and the Shareholders Agreement executed on 19th April, 2023.

With the acquisition of 2,356 CCPS as aforesaid, the Company's shareholding in Sproutlife aggregates 44.74% of its share capital (on a fully diluted basis) at a total investment of ~ Rs. 225 crores.

Sproutlife is a start-up engaged in the business of manufacturing and selling food products under the trademark 'Yoga Bar'. Positioned as a digital first brand, Yoga Bar currently has high salience of on-line sales (D2C, e-commerce platforms etc.) with growing presence in offline stores.

Shares of ITC Limited was last trading in BSE at Rs. 404.25 as compared to the previous close of Rs. 409.40. The total number of shares traded during the day was 2662012 in over 226988 trades.

The stock hit an intraday high of Rs. 405.90 and intraday low of 399.30. The net turnover during the day was Rs. 1070321459.00.

Source : Equity Bulls

Keywords

ITC INE154A01025 CCPS Investment SproutlifeFoods