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ITC Ltd. has acquired nearly 2,000 compulsorily convertible preferred shares for Rs 10 each in Bengaluru-based Delectable Technologies Pvt. Ltd. With this acquisition, ITC’s shareholding in Delectable Technologies has increased to 33.42 percent.

On December 20, 2021, ITC acquired, in the third tranche, 1,964 Compulsorily Convertible Preference Shares of Rs 10 each of Delectable Technologies, taking the total stake to 27.34 percent. In 2019, ITC agreed to acquire up to 33.42 percent stake for Rs 7.50 crore in Delectable Technologies, which operates the Azgo app and vending machines selling snacks.

Meanwhile, foreign institutional investors (FIIs) have steadily increased their holdings in ITC during the first nine months of 2022. From 10 percent in December last year, FIIs currently hold nearly 13.5 percent stake in ITC Ltd., according to its September-quarter shareholding pattern.

For the September quarter, ITC reported a 20.8 percent year-on-year growth in net profit at Rs 4,466.1 crore. CNBC-TV18 polls had predicted a profit of Rs 4,375 crore for the quarter.

The company's revenue stood at Rs 16,129 crore, up 26.7 percent from Rs 12,731 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 39.2 percent to Rs 5,863.7 crore, up from Rs 4,213.6 crore in the corresponding period in the previous fiscal.

Shares of ITC closed at Rs 340.05, down 0.82 percent, on the BSE on Wednesday.

(Edited by : Rukmani Krishna)