Kothari Industrial Corp. (BOM:509732) approved the acquisition of a 30% stake in Phoenix Kothari Footwear from Chairman and Managing Director Rafiq J Ahmed for 990.6 million Indian rupees, according to a Saturday filing on the local bourse.

The company signed a share purchase agreement to acquire 78 million equity shares at 12.71 rupees each. An advance payment of 400 million rupees has been made, with the remainder to be paid under agreed terms.