ITC to acquire 100 per cent stake in health food brand Yoga Bar
The first 47.5% stake in SFPL will be acquired, in tranches, by March 31, 2025; and the balance stake will be acquired in later date.
Published: 18th January 2023 08:15 AM | Last Updated: 18th January 2023 08:15 AM | A+A A-
Image used for illustrative purpose only. (Express Illustration|Tapas Ranjan)
NEW DELHI: FMCG major ITC is strengthening its presence in the Rs 45,000 crore, fast-growing, nutrition-led healthy foods space, as it is acquiring a 100% stake in Sproutlife Foods Private Limited (SFPL), which operates under the brand name ‘Yoga Bar´, over a period of three-four years.
The first 47.5% stake in SFPL will be acquired, in tranches, by March 31, 2025; and the balance stake will be acquired at a later date.
“Initial Investment of Rs 175 crore will be made through primary subscription and secondary purchases for acquisition of 39.4% of the paid-up share capital on a fully diluted basis, which is expected to be completed by February 5, 2023, or such other later date as may be mutually agreed upon,” said ITC in a regulatory filing.
“Further infusion of Rs 80 crore will be made through primary subscription, in one or more tranches, by March 31, 2025, or such other later date as may be mutually agreed upon, based on pre-agreed pre-money valuation,” it added.
