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ITC Ltd acquires 8.70% equity stake in Mother Sparsh Baby Care Pvt Ltd
Representational Image
ITC Ltd, a diversified conglomerate, today, on December 18, 2021, announced that it has acquired 100 equity shares of Rs 10 each and 940 compulsorily convertible preference shares of Rs 10 each of Mother Sparsh Baby Care Private Limited is the first tranche.
ITC Ltd, a diversified conglomerate, today, on December 18, 2021, announced that it has acquired 100 equity shares of Rs 10 each and 940 compulsorily convertible preference shares of Rs 10 each of Mother Sparsh Baby Care Private Limited is the first tranche. This represents 8.70 per cent of its share capital on a fully diluted basis.
ITC Ltd in a regulatory filing at the stock exchanges today said, "Company has acquired on December 17, 2021, in the first tranche, 100 Equity Shares of Rs 10/- each and 940 Compulsorily Convertible Preference Shares of Rs 10/- each of Mother Sparsh Baby Care Private Limited, representing 8. 70 per cent of its share capital on a fully diluted basis."
ITC on November 26, 2021, said that it would pick up a 16 per cent stake in Mother Sparsh, which is a premium ayurvedic and natural personal care D2C brand for Rs 20 crore. The all-cash deal was to be completed in two tranches within the next eight months. The investment would include 100 equity shares and 1,980 compulsorily convertible preference shares.
Incorporated on February 5, 2016, Mother Sparsh Baby Care Private Limited is a premium ayurvedic and natural personal care brand in the D2C space with a focus on the mother and baby care segment. It has a wide range of baby and mother care products that leverage the wisdom and knowledge of Ayurveda for potent product delivery.
This investment is in line with the 'ITC Next' strategy articulated by Chairman Sanjiv Puri which aims to build a future-ready organization with a digital-first culture. One of the identified pillars of this strategy is to accelerate digital transformation by developing digital-first FMCG brands.
ITC has also been focusing on strengthening D2C platforms of distribution and has created a vibrant ITC eStore.
Last three years' turnover of Mother Sparsh
2020-21: Rs 15.44 crore
2019-20: Rs 3.36 crore
2018-19: Rs 1.13 crore
Shares of ITC Limited closed on Friday at Rs 218 per share in BSE as compared to the previous close of Rs 222.90. The stock hit an intraday high of Rs. 223.10 and an intraday low of 216.90.
