Shares of ITC on Tuesday gained nearly 5 per cent after the company said it will fully acquire spices manufacturer Sunrise Foods Private Ltd (SFPL).
The scrip rose by 4.61 per cent to Rs 194.95 on BSE, and 4.61 per cent to Rs 194.95 on NSE.
While the company did not disclose the value of the deal, sources said it is valued around Rs 1,800 crore to Rs 2,000 crore.
The company on Sunday said it has signed a share purchase agreement with SFPL which will augment its product portfolio and is also aligned to its aspiration to significantly scale up its spices business and expand its footprint across the country.
“Sunrise is a clear market leader in eastern India in the fast-growing spices category with a rich heritage and brand legacy of over 70 years,” ITC said in a statement.
Market was closed on Monday for ‘Id-Ul-Fitr’.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines