The shares of the diversified FMCG conglomerate rose over a percent in the trade on Wednesday. The stock was trading 0.7 percent higher at Rs 342.8 on BSE at 10:49 am.
Baby and mother care brand Mother Sparsh declared that it is in advanced discussions of securing Series B funding between Rs 90-100 crore, with ITC Ltd infusing Rs 13.5 crore. FMCG conglomerate ITC earlier, said in an exchange filing that the company has entered into an agreement with Mother Sparsh to acquire total 22 percent stake.
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The shares of the diversified FMCG conglomerate rose as much as 2.07 percent at Rs 347.30 on BSE in intraday on Wednesday.
As per the agreement, 1,000 compulsorily convertible preference shares of Rs 10 each are proposed to be acquired. The aggregate cost of the acquisition is Rs 13.5 crore.
ITC had earlier in November 2021 acquired 16 percent stake in the D2C ayurvedic and natural personal care brand. "ITC agrees to invest in Mother Sparsh Baby Care Private Limited (‘Mother Sparsh’), a premium ayurvedic and natural personal care brand in the D2C space with a focus on the mother and baby care segment. It has a wide range of baby and mother care products that leverages the wisdom and knowledge of Ayurveda for potent product delivery," the company had said in an exchange filing.
As a formidable D2C brand, Mother Sparsh, does majority of its sales through online channels, including own website, and offers range of targeted personal care solutions for moms, infants and kids.
Mother Sparsh said it intends to enhance its portfolio significantly, especially across baby skin care and mother-oriented segment.
First Published: IST