Liberty Shoes to up stake in arm to 100%
Leading footwear manufacturer Liberty Shoes Ltd has said it will increase stake in its subsidiary, Liberty Retail Revolutions Ltd (LRRL) to 100 per cent.
By PTI |
MUMBAI: Leading footwear manufacturer Liberty Shoes Ltd has said it will increase stake in its subsidiary, Liberty Retail Revolutions Ltd (LRRL) to 100 per cent.
At the recently held meeting, the board approved the proposal for increasing the company's stake in LRRL from existing 50.22 per cent to 100 per cent, Liberty Shoes informed the Bombay Stock Exchange.
Liberty Shoes had decided to float a separate subsidiary company, Liberty Retail Revolutions, in 2004. It held the majority 50.22 per cent stake in LRRL and the remaining stake were held by Group Company, Geofin Investments Pvt Ltd and individual promoters.
Looking to acquire a further foothold in the retail business, the company had also forged a joint venture, `FootMart' with Pantaloon earlier this month, for launching a branded footwear retail chain.
Shares of Liberty Shoes were trading up 1.93 per cent at Rs 140 on the BSE on Monday.
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