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Bata India Board approves sale of Faridabad land for ₹156 crore
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Shares of Bata India Ltd opened higher and rallied as much as 2.8% to an intraday high of ₹1,387.25 apiece on the BSE. However, the stock pared early gains and closed 1.03% higher at ₹1363.3 apiece.
Bata India Ltd shares closed higher on Friday after the company announced board approval for the sale of land in Faridabad, Haryana.
In a filing to the stock exchanges, the company informed that the Board of Directors on April 26, approved the sale of the Faridabad land to Amolik Buildcon LLP.
The company’s freehold industrial land measuring approximately 11.54 acres will be sold to Amolik Buildcon LLP for ₹156 crore, subject to necessary formalities, Bata India informed the bourses.
“The Board of Directors of the company has, on April 26, 2024, approved the sale of the Faridabad land in favour of Amolik Buildcon LLP, for a consideration of ₹156 crore (subject to applicable duties, taxes and transaction charges),” the company said in the stock exchange filing.
Shares of Bata India Ltd opened higher and rallied as much as 2.8% to an intraday high of ₹1,387.25 apiece on the BSE. However, the stock pared early gains and closed 1.03% higher at ₹1363.3 apiece.
The Board decision to sell the land comes after the prior announcement on February 1, 2024, where the Board of Directors had granted in-principle approval for the monetisation of the company’s freehold industrial land spanning in Faridabad.
The shutting down of the Faridabad unit of the company in 2016 had freed 11 acres of land and other tangible assets at the company’s closed plant.
Bata India is a retailer and manufacturer of footwear in India and is a part of the Bata Shoe Organisation. The company is the largest footwear retailer in India, with a network of over 1,375 stores.
The company also operates a large non retail distribution network through its urban wholesale division and caters to millions of customers through over 30,000 dealers, according to the company’s official website.
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