ITC Raises Stake In Delectable Technologies To 27%

With the acquisition, the company's shareholding in Delectable aggregates 27.34 per cent of its share capital on a fully diluted basis, said ITC Limited

Fast-moving consumer goods (FMCG) major ITC Limited raised its holding to 27.34 per cent in Delectable Technologies - which operates the Azgo app and vending machines selling snacks and other fast-moving consumer goods.

On December 20, ITC acquired 1,964 Compulsorily Convertible Preference Shares of Rs 10 each of Delectable Technologies in the third tranche, according to a regulatory filing by the company to the stock exchanges on Tuesday.

With the acquisition, the company's shareholding in Delectable aggregates 27.34 per cent of its share capital on a fully diluted basis, the company said.

Two years ago, ITC Ltd had agreed to acquire a stake of up to 33.42 per cent in Delectable Technologies Pvt Ltd. It announced that it will pay up to Rs 7.50 crore in four tranches. The company had said that the deal will strengthen the presence of its FMCG products in the emerging distribution channel of vending machines.