Sports and athleisure footwear maker Campus Activewear Limited on Wednesday (September 3) said it has acquired land and building from Nainipanel Industries Private Limited for ₹74.75 crore in an all-cash transaction to expand its footwear manufacturing capacity.
The property, located in the IIE SIIDCUL Industrial Area, Pantnagar, Uttarakhand, covers an area of about 47,000 square metres. The transfer deed for the acquisition was executed on September 2.
Also Read: Campus Activewear Q3 results: Profit nearly doubles, margin expands sharply
According to the disclosure, the acquisition will enable the company to expand its existing capacity for manufacturing semi-finished goods such as soles and uppers, along with footwear assembly operations.
Campus Activewear confirmed that the acquisition does not fall within the definition of a related party transaction, and no promoter or promoter group interest is involved. The company also clarified that no shares or equity stake in Nainipanel Industries were acquired, as the transaction pertains solely to land and building.
Shares of Campus Activewear Ltd ended at ₹269.40, up by ₹3.15 or 1.18%, on the BSE today, September 3.
Also Read: Campus Activewear shares surge 10% on upgrade as Street cheers strong Q3 profit
(Edited by : Shoma Bhattacharjee)
