FMCG major ITC has increased its stake in Sproutlife Foods by acquiring 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 a BSE filing.
With this, ITC's shareholding in Sproutlife aggregates to 39.42 per cent of its share capital on a fully diluted basis.
Earlier in January this year, ITC had said that it would acquire 100 per cent of Sproutlife Foods Private Limited, makers of Yoga Bar healthy foods.
The company has signed a binding term sheet to acquire 100 per cent of the share capital (on a fully diluted basis) of Sproutlife in tranches, expected to be completed over a period of three to four years.
The acquisition of Yoga Bar, which has a strong online presence, comes on the back of ITC’s investments in D2C brands, Mylo and Mother Sparsh over the past one year.
The acquisition of Yoga Bar, which has a strong online presence, comes on the back of ITC’s investments in D2C brands, Mylo and Mother Sparsh over the past one year.
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