Bata India to merge Bata Properties and Coastal Commercial

NEW DELHI: Footwear firm Bata India has decided to merge its two wholly-owned subsidiaries -- Bata Properties Ltd and Coastal Commercial & Exim Ltd -- with the company.

The board of the company, in a meeting held yesterday decided to merge the two subsidiaries, Bata India said in a filing to BSE.

"...the Board of Directors of the Company at its meeting held on August 5, 2014, inter alia, have decided to merge Bata Properties Limited and Coastal Commercial & Exim Limited, the two wholly-owned subsidiaries, with the company," it said.

However, the merger would be subject to regulatory approvals and sanction by the Calcutta High Court.

Shares of Bata India closed at 1,231.35 apiece, down 1.74 per cent from previous close on the BSE today.