Hindustan Foods Ltd to acquire footwear business of G Shoe Export

Hindustan Foods Ltd has signed a term sheet for buying movable assets and stocks in respect of footwear manufacturing business of G Shoe Export.

G Shoe Export is a Mumbai based entity in footwear manufacturing for last 4 decades for both global and Indian clients with the entire product range of leather and fashion footwear for men, women and kids.

The takeover is in line with company's long term goals and will further strengthen the existing footwear manufacturing business of the company which was started last year by acquiring movable assets and stocks from Ponds Export Ltd, a HUL subsidiary. The company will also acquire brand called ESTD 1977 which will complement UN: OR, the company's own brand which was launched a few months ago.

The entire process of statutory, legal and licensing will require approx. 3 months to close and the parties will sign an agreement in future course.

Shares of HINDUSTAN FOODS LTD. was last trading in BSE at Rs.280.75 as compared to the previous close of Rs. 286.2. The total number of shares traded during the day was 15189 in over 52 trades.

The stock hit an intraday high of Rs. 290 and intraday low of 276. The net turnover during the day was Rs. 4337351.

Source : Equity Bulls

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