ITC picks up 8.70% equity stake in Mother Sparsh, a D2C personal care brand

Diversified firm ITC Ltd on Saturday said it has bought 8.70 per cent equity stake in Mother Sparsh Baby Care, a D2C Ayurvedic and natural personal care brand.

This acquisition is pursuant to ITC's announcement made on November 26, where the Kolkata-headquartered firm had said to acquire a 16 per cent 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 Rs 10 each and 940 Compulsorily Convertible Preference Shares of Rs 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.

Mother Sparsh is a premium Ayurvedic and natural personal care start-up in the D2C space, focusing on mother and baby care segment.

The acquisition is to be completed in two tranches, ITC had said earlier on November 26.

Mother Sparsh, which was incorporated on February 5, 2016, had reported a turnover of Rs 15.44 crore in FY2020-21.