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ITC increases stake in Delectable Technologies to 20.06%

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Diversified entity ITC Ltd on Friday said it has increased its stake in start-up Delectable Technologies Pvt Ltd to 20.06 per cent through acquisition of compulsorily convertible preference shares as part of its deal to acquire 33.42 per cent stake in the latter. Last year in November, ITC had announced that it would acquire 33.42 per cent of the share capital of Delectable Technologies (Delectable) for a cash consideration of up to Rs 7.50 crore, to be paid in four tranches over a period of 12 months.

ITC increases stake in Delectable Technologies to 20.06%
Diversified entity ITC Ltd on Friday said it has increased its stake in start-up Delectable Technologies Pvt Ltd to 20.06 per cent through acquisition of compulsorily convertible preference shares as part of its deal to acquire 33.42 per cent stake in the latter. Last year in November, ITC had announced that it would acquire 33.42 per cent of the share capital of Delectable Technologies (Delectable) for a cash consideration of up to Rs 7.50 crore, to be paid in four tranches over a period of 12 months.
"The company on September 17, 2020 has acquired, in the second tranche, 1,964 compulsorily convertible preference shares of Rs 10 each of Delectable Technologies Pvt Ltd," ITC said in a regulatory filing. "With the aforesaid acquisition, the company's shareholding in Delectable aggregates 20.06 per cent of its share capital on a fully diluted basis," it added.
Delectable is engaged in fabricating vending machines and app-based sales of FMCG products through such machines. Its turnover in 2018-19 stood at Rs 69.15 lakh. As on March 31, 2019, its net worth stood at Rs 1.48 crore, the filing said.
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