ITC said that it has acquired 400 equity shares and 2,980 compulsorily convertible cumulative participating preference shares of Blupin Technologies.
The equity shares bear a face value of Rs 10 each while the face value of the preference shares is Rs 100 each.
The acquired shares represent 10.07% of the share capital of Blupin Technologies on a fully diluted basis. The total cost of the said acquisition is Rs 39.34 crore.
Blupin Technologies is the company behind brand Mylo. Mylo, is a full stack community eco-system focused on the parenting journey of young families. Mylo addresses the needs of its consumers through a wide and relevant range of content, health tools, conversations and community sharing features. Beyond personalised content and an active community, Mylo also offers its users direct-to-consumer (D2C) personal care brands.
With this investment, lTC expects to further expand its presence in the D2C mother and baby care segment.
While announcing this investment in April 2022, Sameer Satpathy, chief executive, Personal Care Products Business, lTC, had said, "Within a short period of time, Mylo has demonstrated great potential in the evolving Content-to-Community-to-Commerce model by nurturing an online platform where people learn, share, trust and belong.
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The investment will provide lTC the opportunity to foray into this emerging space and become an integral part of the evolution of this area. Our investment in Mylo will also enable us to strengthen focus in the mother and baby community-building platform, besides expanding our presence in the D2C mother and child care segment."
ITC is a diversified conglomerate with businesses spanning fast-moving consumer goods, hotels, paperboards and packaging, agribusiness, and information technology.
The company's standalone net profit rose 11.81% to Rs 4,190.96 crore on a 16.49% increase in net revenue to Rs 15,331.48 crore in Q4 FY22 over Q4 FY21.
The scrip rose 0.37% to currently trade at Rs 270.15 on the BSE.
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