Mirza International pitches for amalgamation; stock slips
DSIJ Intelligence / 07 Aug 2017
Footwear stock Mirza International traded in the negative territory, slipping 2.68% at Rs 158.20 per share at 0952 hours on BSE.
Footwear stock Mirza International traded in the negative territory, slipping 2.68% at Rs 158.20 per share at 0952 hours on BSE.
The board of the company on Saturday approved the scheme of amalgamation of Hi-Life Fabricators Private Limited, a wholly-owned subsidiary of the company with Mirza International. Mirza International’s revenue for the year as on March 31, 2017 stood at Rs 93,567.25 lakh and profit was Rs 10,639.46 lakh.
The objective of the amalgamation is aimed at simplification of the group’s structure, optimal utilisation of resources, better administration, reduction of cost, and achieving operational and management efficiency.
Meanwhile, the stock slipped 2.95% at Rs 157.75 per share on the BSE. The stock attracted a total traded quantity of 0.49 lakh.
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