ITC on Friday said it has acquired 39.42% stake in Sproutlife Foods, makers “Yoga Bar” food products, for Rs 175 crore, a month after executing transaction documents to acquire 100% of the company’s share capital.
“Further to our letters dated January 17, 2023 and April 19, 2023 on the subject, we write to advise, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that the company has on May 4, 2023 acquired 2,443 equity shares of Rs 10 each and 7,215 Compulsorily Convertible Preference Shares of Rs 10 each for an aggregate consideration of Rs 175 crore,” ITC said in a stock exchange filing.
With this acquisition, the conglomerate’s shareholding in Sproutlife aggregates 39.42% of its share capital on a fully diluted basis.
The conglomerate in April said it had executed the transaction documents to acquire 100% of the share capital of Sproutlife, in one or more tranches, over a time period of three to four years.