Liberty increases stake in LRRL to 100 pc

New Delhi, July 30 (UNI) Liberty Shoes Ltd will increase stake in its subsidiary, Liberty Retail Revolutions Ltd (LRRL) from existing 50.22 per cent to 100 per cent, a company statement said.

For the interest of the minority shareholders of the company, the stake of existing promoter of LRRL would be acquired at par, it said.

Liberty Shoes recently formed a joint venture with Pantaloon called FootMart' to launch a branded footwear retail chain, having a 49 per cent stake in it.

FootMart would set up more outlets before the year-end in Bangalore, Mumbai, Hyderabad and Ahmedabad, which would have two stores each.

While one store each would be opened in Delhi, Ghaziabad, Gurgaon, Agra, Lucknow and Chandigarh.

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