ITC takes 87.06% equity share capital of CIDL

Diversified conglomerate ITC has acquired an 87.06% equity share capital of group firm Classic Infrastructure & Development Ltd for Rs 11.38 crore.

The share has been acquired through Greenacre Holdings Ltd (GHL), a wholly-owned subsidiary of Russell Credit Ltd (RCL), an arm of ITC.

"GHL has acquired 87.06% of the equity share capital of CIDL, an associate of RCL, at an aggregate consideration of Rs 11.38 crore," ITC said in a BSE filing.

It added: "CIDL having become a wholly-owned subsidiary of GHL and also of RCL, has also become a wholly-owned subsidiary of ITC with effect from December 7, 2015."
 

CIDL is into property maintenance and management and its net worth as on March 31, 2015 and profit after tax for the full year are Rs 8.44 crore and Rs 20.16 lakh, respectively.