New Delhi, April 17 -- ITC Ltd on Thursday said it has signed a Share Purchase Agreement to acquire 100% of the share capital of Sresta Natural Bioproducts Pvt. Ltd (SNBPL), which manufactures and sells organic packaged food products under the '24 Mantra Organic' brand in the domestic and international markets.

ITC has paid a consideration of up to Rs.472.50 crore on a cash-free, debt-free basis, subject to customary adjustments as set out in the Share Purchase Agreements, comprising Rs.400 crore payable upfront at closing and up to Rs.72.50 crore payable in the next 24 months after closing.

Raj Seelam (founder) will assist in the transition and remain associated with the business for two years. The transaction is expected to be complet...