ITC picks up 8.70% stakes in D2C personal care brand Mother Sparsh
Premium- The Kolkata-headquartered ITC on November 26 said that it would acquire 16% stake in Mother Sparsh through a share subscription agreement
ITC Ltd has bought 8.70% equity stake in D2C Ayurvedic and natural personal care brand Mother Sparsh Baby Care, the company said on Saturday. The Kolkata-headquartered company on November 26 said that it would acquire 16% stake in Mother Sparsh through a share subscription agreement
"The company has acquired on December 17, 2021, in the first tranche, 100 equity shares of ₹10 each and 940 Compulsorily Convertible Preference Shares of ₹10 each of Mother Sparsh Baby Care Pvt Ltd, representing 8.70 per cent of its share capital on a fully diluted basis," ITC said in a regulatory filling.
The acquisition is to be completed in two tranches, ITC had said earlier on November 26.
Mother Sparsh is a premium Ayurvedic and natural personal care start-up in the D2C space, focusing on mother and baby care segment. The start-up, which was incorporated on February 5, 2016, had reported a turnover of ₹15.44 crore in FY2020-21.
