LIC pares stake in Bata India

Life Insurance Corporation of India (LIC) sold 26,08,568 equity shares or 2.03% stake of Bata India from 14 September 2021 to 31 December 2021.

Post transaction, Life Insurance Corporation of India (LIC) decreased its shareholding to 57,48,071 equity shares or 4.47% stake from 83,56,639 equity shares or 6.5% stake held in Bata India. The deal was executed as market sale.

As of 30 September 2021, Life Insurance Corporation (LIC) of India held 5.85% stake in the footwear maker.

Shares of Bata India were trading 0.34% higher at Rs 1,866.45 on BSE.

Bata India is the largest footwear retailer in India, offering footwear, accessories and bags across brands such as Bata, Bata Red Label, Hush Puppies, Naturalizer, Power, Marie Claire, Weinbrenner, North Star, Scholl, Bata Comfit and Bubble gummers, etc.

The footwear major reported net profit of Rs 37.05 crore in Q2 FY22 compared with net loss of Rs 44.39 crore in Q2 FY21. Net sales surged 66.94% to Rs 614.12 crore in Q2 FY22 over Q2 FY21, showcasing healthy and consistent recovery since opening of lockdown.

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