Kothari Industrial Corporation Acquires 30% Stake in Phoenix Kothari Footwear Limited for Rs. 99.06 Crores

Kothari Industrial Corporation Ltd (KICL) has acquired 30% shareholding in Phoenix Kothari Footwear Limited, a public footwear industry, through a related party transaction. The transaction was carried out at arm's length and was approved by the Audit Committee, Board, and shareholders. The total cash consideration for the acquisition is Rs. 99.06 crores, equivalent to Rs. 12.7 per share. Phoenix Kothari Footwear Limited, incorporated on 08.12.2022, is engaged in the manufacturing of footwear in Chennai, Tamil Nadu, India. The acquisition is aimed at strengthening KICL's presence in the footwear segment, and consequently, Phoenix Kothari Footwear Limited has become an Associate Company of KICL.