ITC Limited has completed the acquisition of the entire share capital of Greenacre Holdings Limited (GHL) for Rs 42.1 crore. This includes 4,20,60,166 equity shares of Rs 10 each. The acquisition was made from Russell Credit Limited (RCL), a wholly owned subsidiary of ITC.
Key Highlights:
- Nature of Transaction: The acquisition is classified as a related-party transaction but was carried out at book value in RCL’s accounts. It is part of a restructuring effort within the ITC Group.
- Business of GHL:
- GHL operates in the property infrastructure maintenance sector.
- It offers engineering, procurement, construction management, and project consultancy services.
- Financial Details:
- Turnover of GHL in FY 2023-24 was Rs 7.52 crore, compared to Rs 5.95 crore in FY 2022-23 and Rs 6.39 crore in FY 2021-22.
- Post-Acquisition Impact: Greenacre Holdings Limited is now a direct wholly owned subsidiary of ITC..
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This acquisition aligns with ITC’s broader business strategy to streamline and strengthen its subsidiaries for efficient operations.
as of 2:24 PM the shares of ITC were trading 0.61% higher at ₹477.80 on NSE.
