On Friday, shares of ITC fell 2.20% at Rs 218/piece on BSE.
Fast-moving consumer goods (FMCG) group ITC Limited announced on Saturday that it has acquired an 8.70% stake in Mother Sparsh Baby Care – a D2C natural and Ayurvedic personal care brand. The acquisition is in line with an ITC announcement made last month, when the company said it had acquired a 16% stake in Mother Sparsh through a share subscription agreement.
“The Company acquired on December 17, 2021, in the first tranche, 100 equity shares valued at Rs 10 each and 940 Convertible Temporary Preferred Shares valued at Rs 10 each. shares of Mother Sparsh Baby Care Pvt Ltd, which accounts for 8.70% of the equity on ITC, said in a regulatory filing filed with stock exchanges today.
Mother Sparsh is a premium natural and Ayurvedic personal care startup in the D2C space, focused on the mother and baby care segment. The ITC had said earlier on November 26 that the acquisition would be completed in two phases.
Mother Sparsh Baby Care Private Limited or ‘Mother Sparsh’ is a range of mother and baby care products. ITI Capital acted as financial advisor to Mother Sparsh during the fundraising process. Incorporated on 5 February 2016, the company reported a turnover of Rs 15.44 crore for the financial year 2020-21.
Mother Sparsh plans to deploy the funds – raised in a Series A funding round – towards advancing research and development initiatives, digital capabilities and driving product launches new.
On Friday, December 17, shares of ITC fell 2.20% at Rs 218/piece on BSE.
