ITC, a prominent FMCG firm, has disclosed in a BSE filing that it has boosted its stake in Sproutlife Foods by acquiring 2,443 equity shares priced at INR 10 each and 7,215 compulsorily convertible preference shares valued at INR 10 each. The company paid a total of INR 175 crores to acquire these shares.
After this development, ITC’s fully diluted share capital in Sproutlife has increased to 39.42 percent.
In January of this year, ITC announced its intention to acquire all of Sproutlife Foods Private Limited, the company behind Yoga Bar healthy foods.
Under a binding term sheet, the company has committed to acquiring all of Sproutlife’s share capital on a fully diluted basis in stages, with the process anticipated to conclude within three to four years.
ITC’s acquisition of Yoga Bar, a D2C brand with a robust online presence, builds upon its recent investments in Mylo and Mother Sparsh over the last 12 months.