Promoter of Bata India to hold more than 50.1% stake in Indian arm

Bata India Ltd has received a statement today, from its Promoter, Bata (BN) B.V., The Netherlands, regarding the stake sale.

"The sale (subject to settlement) of 3,600,000 shares by BATA (BN) BV, the parent company of Bata India Limited, is part of internal restructuring. The said stake constitutes only a marginal part (2.8%) of the promoter shareholding and will not result in any material reduction in the promoter holding from the company. BATA BN BV will continue to hold >50.1% in the Indian subsidiary after the transaction and pledges its complete commitment and trust towards the strategic direction under the current management.

Bata BN BV continues to be fully committed to Indian consumers and deeply values their patronage that has made Bata India Ltd, the largest footwear brand in India over the last 8 decades and is eager to see the business continuing to grow in India."

Shares of Bata India Limited was last trading in BSE at Rs. 1850.30 as compared to the previous close of Rs. 1877.80. The total number of shares traded during the day was 3669225 in over 4301 trades.

The stock hit an intraday high of Rs. 1898.40 and intraday low of 1826.05. The net turnover during the day was Rs. 6824981880.00.

Source : Equity Bulls

Keywords

BataIndia INE176A01028 BataBNBV StakeSale