Relaxo Footwears Ltd declared successful bidder for land parcel in Pathredi Industrial Area

Relaxo Footwears Limited, India's largest footwear manufacturing company, announced the successful bid and acquisition of a Land Parcel admeasuring ~ 30 Acres in Pathredi Industrial Area, Bhiwadi - II, (Rajasthan) which will be used for setting up Manufacturing facilities for future needs.

IndusInd Bank, the auctioneer of the land parcel, sent a confirmation letter to Relaxo ascertaining the company as the successful bidder for the land parcel. The acquisition pertains to approximately30 Acres land parcel and is contingent on obtaining customary statutory approvals.

The acquisition is valued at approximately Rs. 135 crores and will be funded through internal accruals post the necessary statutory approvals. This strategic acquisition aligns with the company's commitment to sustained growth and proactive response to market demands.

Commenting on the acquisition of land parcel, Mr. Ramesh Kumar Dua, Managing Director of the Company said: "This land acquisition marks a significant milestone for the Company. The 30 Acres land parcel in Bhiwadi, Rajasthan not only provides us with room for expansion but also positions us to respond proactively to the evolving needs of the market. We are confident that this strategic move which is aligned to company's long-term objective will contribute to the continued success and growth of the Company.

Our commitment remains steadfast in providing quality products, with a focus on innovative premium product offerings."

Shares of Relaxo Footwears Limited was last trading in BSE at Rs. 916.05 as compared to the previous close of Rs. 909.65. The total number of shares traded during the day was 1888 in over 398 trades.

The stock hit an intraday high of Rs. 925.30 and intraday low of 908.60. The net turnover during the day was Rs. 1723672.00.

Source : Equity Bulls

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