ITC inches up on inking pact to acquire additional stake in Delectable Technologies
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ITC is currently trading at Rs. 452.25, up by 0.75 points or 0.16% from its previous closing of Rs. 451.55 on the BSE.
The scrip opened at Rs. 450.00 and has touched a high and low of Rs. 454.55 and Rs. 449.60 respectively. So far 66064 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 499.60 on 24-Jul-2023 and a 52 week low of Rs. 325.35 on 23-Dec-2022.
Last one week high and low of the scrip stood at Rs. 458.00 and Rs. 446.40 respectively. The current market cap of the company is Rs. 563061.79 crore.
The Institutions and Non-Institutions held 85.31% and 14.69% stake respectively in the company.
ITC has entered into definitive agreements to acquire further 2,286 Equity Shares of Rs 10 each of Delectable Technologies (Delectable), an associate company, subject to completion of agreed conditions precedent. The said shares, once acquired, will take the Company’s shareholding in Delectable from 33.42% to 39.32% (on a fully diluted basis).
The said acquisition will, inter alia, further strengthen presence of ITC’s FMCG products in the emerging distribution channel of vending machines. The share acquisition is expected to be completed within 30 days from the date of execution of the definitive agreements (viz. Share Subscription Agreement and Amended and Restated Shareholders’ Agreement) or such other date as may be mutually agreed between the Parties.
ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agribusiness, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
