ITC shares surge 5 per cent, acquire 100% stake in Sunrise Foods
Published On: Tuesday, May 26, 2020 | By: Team KnowMyStock
Fast-moving consumer goods (FMCG) major ITC shares gained 4.6 per cent to Rs 194.95 per share on the BSE on Tuesday after the company reported it had entered into an agreement with the spice major Sunrise Foods to acquire a 100 per cent stake in the company.ITC has entered into a share purchase agreement (SPA) on May 23, 2020, to acquire 100 per cent of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark ‘Sunrise’, subject to fulfilment of various terms and conditions as specified in the SPA, as per company release. The share-purchase agreement was completed after the lockdown was enforced and the final deal is likely to be signed soon. ITC didn’t comment on the deal size, but sources estimated it at close to Rs 2,000 crore.
The proposed acquisition will augment the company’s product portfolio and is aligned to ITC’s aspiration to significantly scale up its Spices business and expand its footprint across the country, it added.
Source: Money Control, Business India, Financial Express
Tags: ITC sunrise acquire 100 per cent
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