Share pice of this footwear company has more-than-doubled in just 2 months
Shares of Mirza International hit a four-year high of Rs 152.15, on soaring 20 per cent in Tuesday’s intra-day trade on the BSE after the company announced that one of its promoters bought 100,000 equity shares of the company via open market. The stock of footwear maker was trading at its highest level since January 2018.
On December 28, 2021, Ramsha Rahman purchased 100,000 shares representing 0.08 per cent stake of Mirza International via market purchase, the company said in exchange filing on Monday after market hours. The name of seller was not ascertained immediately. Post acquisition, Ramsha Rahman holding in Mirza International increased to 0.20 per cent from 0.12 per cent, the company said.
Mirza International is India’s leading leather footwear manufacturer, marketer and exporter. The company also the preferred supplier of leather footwear to leading international brands and one of the largest Indian suppliers of finished leather to overseas
In the past two months, the market price of the company has appreciated by 112 per cent from levels of Rs 71.70. In comparison, the S&P BSE Sensex was down 1 per cent during the same period.
On December 10, 2021, Mirza International said its board approved a composite scheme of arrangement of RTS Fashions Private Limited, Mirza International and Redtape Limited. There is a proposal for amalgamation of RTS Fashions Private Limited with Mirza International; and de-merger of Branded Business/ REDT APE Business of Mirza International into Redtape Limited. Post-de-merger, the Redtape Limited is proposed to be listed at BSE & NSE.
In order to streamline various activities of Mirza Group, unlock the true value of its businesses, achieve management efficiencies and accelerated growth, the management is proposing to consolidate entire overseas business into Mirza International; and to hive off Branded Business/REDT APE Business into a separate company, the company said.
