Bata India's parent company disposes off 2.8% promoter stake; stock jumps ~1%

2 Jun 2022 , 10:27 AM

Bata India Limited informed that the company has received intimation from its promoter Bata (BN) B.V., The Netherlands.

The company has stated that it has disposed off about 2.8% stake or 36,00,000 shares in Bata India Limited as part of internal restructuring.

The company stated in its filing, “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 which 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.”

Bata India is currently trading at Rs1,875 up by Rs24.7 or 1.33% from its previous closing of Rs1,850.30 on the BSE. The scrip opened at Rs1,863 and has touched intraday high and low of Rs1,875 and Rs1,851.75 respectively.