ITC acquires 2,443 equity shares of Sproutlife; stock hits new lifetime high

After the announcement, ITC jumped over 1.5 per cent, as the stock touched a lifetime high of Rs 431.90 on BSE.

ITC -- which has businesses in cigarettes, fast-moving consumer goods (FMCG), hotels, and paper -- last week became the sixth most valued Indian company as its market capitalisation surpassed Infosys. (File image)

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ITC Ltd on Friday announced that it has acquired 2,443 equity shares of Sproutlife Foods Private Limited (Sproutlife) at Rs 10 each. Indian Tobacco Company (ITC) in a filing with the stock exchanges said it acquired 2,443 equity shares and 7,215 compulsorily convertible preference shares on May 4.

“The Company has on 4th May, 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 crores,” the company said in the statement.

ITC added that with this acquisition, the company’s shareholding in Sproutlife aggregates 39.42 per cent of its share capital on a fully diluted basis.

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After the report, ITC jumped over 1.5 per cent, as the stock touched a lifetime high of Rs 431.90 on BSE.

ITC — which has businesses in cigarettes, fast-moving consumer goods (FMCG), hotels, and paper — last week became the sixth most valued Indian company as its market capitalisation surpassed Infosys.

The FMCG major’s mcap as of May 5 stands at Rs 5,35,336.86.