Cigarette-to-hotel conglomerate
ITC Ltd. increased its shareholding in Sproutlife Foods Private Ltd to an aggregate of 39.42 percent, the company said in an exchange filing.
ITC acquired another 2,443 equity shares in Sproutlife of Rs 10 each on May 4, along with 7,215 Compulsorily Convertible Preference shares of Rs 10 each.
Aggregate consideration for this transaction is said to be Rs 175 crore.
Earlier this year, ITC had announced that it will acquire 100 percent stake in Sproutlife in tranches over a period of 3-4 years.
Sproutlife Foods is a Bengaluru-based start-up company that belongs to the new and innovative food products industry.
ITC's shares continue to make new highs, hitting a new high of Rs 431.90 in today's trading session. It was the best performing stock on the Nifty 50 index in 2022 with gains of over 60 percent.
Shares of ITC have gained nearly 30 percent so far in 2023. The company's market capitalisation crossed Rs 5 lakh crore recently and stands at Rs 5.33 lakh crore as on Friday.
Shares of ITC were trading at Rs 428.75 apiece, up 1 percent, on BSE at 2:53 PM.
