Diversified group ITC today said its wholly-owned subsidiary Russell Credit Ltd has acquired another group firm BFIL Finance Limited (BFIL).
The investment firm has acquired BFIL's entire share capital of Rs 20 crore, the conglomerate said in a filing to BSE.
Consequently, BFIL has ceased to be a direct subsidiary of the company from June 18, it added.
"... Russell Credit Limited, a wholly-owned subsidiary of the company, has acquired the entire subscribed and paid-up equity share capital of Rs 20 crore of BFIL, another wholly-owned subsidiary of the company," ITC said.
Russell Credit is an investment wing of ITC, which primarily deals in long-term investments in FMCG, hotels, paper, paperboards & packaging, agri-business and Information Technology sectors.
It has one wholly-owned subsidiary, Greenacre Holdings Limited, which is engaged in property infrastructure maintenance.
ITC shares today settled 1.37 per cent up at Rs 314.55 apiece on the BSE.
