Kothari Industrial (BOM:509732) has acquired 30% stake, or 78 million shares, in Phoenix Kothari Footwear from Rafiq Ahmed for 990.6 million Indian rupees, according to a Monday filing on BSE.
Shares of Kothari Industrial rose nearly 5% in recent trade.
Following the transaction, Phoenix Kothari Footwear has become an associate company, the filing said.
The acquisition is expected to strengthen Kothari Industrial's presence in the footwear segment, Kothari said.
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