New Delhi, May 26 (PTI) Shares of ITC on Tuesday closed nearly 3 per cent higher after the company said it will fully acquire spices manufacturer Sunrise Foods Private Ltd (SFPL).

The scrip rose by 2.76 per cent to close at Rs 191.50 on BSE. During the day, it gained 4.61 per cent to Rs 194.95.

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It jumped 2.81 per cent to close at Rs 191.60 on the NSE.

In terms of traded volume, 16.67 lakh shares were traded on the BSE and 5.32 crore shares on the NSE during the day.

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While the company did not disclose the value of the deal, sources said it is valued around Rs 1,800 crore to Rs 2,000 crore.

The company on Sunday said it has signed a share purchase agreement with SFPL which will augment its product portfolio and is also aligned to its aspiration to significantly scale up its spices business and expand its footprint across the country.

"Sunrise is a clear market leader in eastern India in the fast-growing spices category with a rich heritage and brand legacy of over 70 years," ITC said in a statement. Market was closed on Monday for 'Id-Ul-Fitr'.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)