ITC Share News: ITC is going to acquire a famous organic brand for Rs 472 crore. The company gave this information in the exchange filing after the market closed on Thursday.
ITC Share News: There is good news for the shareholders of the country’s leading FMCG company ITC. After the market closed on April 17, the company informed about a major acquisition. In a filing to the exchange, the company said that it will acquire Shrestha Natural Bioproducts, engaged in the manufacture and sale of organic packaged food products under the ’24 Mantra Organic Brand’, for about Rs 472.50 crore.
ITC said in the information given to the stock market that it has signed a share purchase agreement to acquire 100 percent stake in Shrestha Natural Bioproducts Private Limited (SNBPL). This acquisition will further strengthen the company’s business, so its effect can be seen on ITC shares on Monday.
More than 100 organic products in the portfolio
The company said that the acquisition is ‘in line with the company’s strategy to enhance its future-ready portfolio, this transaction will strengthen ITC’s presence and market position in the high-growth organic product segment in both Indian and overseas markets.’ SNBPL’s portfolio includes a wide range of over 100 organic products. ITC said, “The share acquisition is expected to be completed in the first quarter of FY 2025-26 or at a later date to be mutually agreed upon by the parties.”
Disappointed with negative returns
ITC shares closed at Rs 427 on April 17. In terms of returns, the company’s shares have disappointed in the last one year. Because, the shares have given a return of just 2 per cent, and so far this year the return has been negative.
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