Mirza International Limited completed the Spin-Off of Redtape Limited.
April 29, 2023
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Mirza International Limited agreed to Spin-Off Branded/ Redtape Business on December 10, 2021. As per the terms, Mirza International Limited shareholders will get one share of redtape for each share they held in the company. Post demerger, redtape limited is proposed to be listed at BSE and NSE. The demerged business has reported Turnover of INR 6.78 billion and net worth of INR 2.48 billion. Mirza International Limited board has approved the transaction. The spin off is subject to approval of BSE Limited, the National Stock Exchange of India Limited, SEBI, shareholders and creditors of the company and such other statutory authorities as may be required and sanction thereof by the NCLT. As of May 18, 2022, BSE limited has approved the transaction. As of May 21, 2022, National Stock Exchange of India has approved the transaction. As per the order of June 14, 2022, NCLT has convened the shareholders meeting on August 6, 2022. As per the results of shareholders meeting issued on August 26, 2022, Shareholders has approved the transaction. As of February 21, 2023, NCLT has approved the transaction. As of March 16, 2023, record date is fixed as March 29, 2023. KFin Technologies Limited (NSEI:KFINTECH) acted as a registrar to Mirza International Limited. As of March 31, 2023, the transaction is approved by National Company Law Tribunal, Allahabad
Bench, Prayagraj. As of March 31, 2023, the transaction become effective.
Mirza International Limited completed the Spin-Off Branded/ Redtape Business in April, 2023.
RedTape Limited is an India-based company, which operates as a fashion and lifestyle brand. The Company is engaged in the business of retailing, marketing, design and development of sports and fashion footwear, garments, apparel and other accessories. The Company operates through two segments: Footwear and Garments and accessories (Gar & Acc) Division. The Company offers a diversified product line from footwear to a mix of casual and semi-formal apparels, including shirts, t-shirts, ethnic wear, trousers, denims, sweaters, jackets, belts, socks, wallets, and handkerchief. It owns a portfolio of brands, namely RedTape, Mode by RedTape Jeans, and Bond Street by RedTape. The Company operates in approximately 17 countries, including India, the United Kingdom, the United States, Australia, Turkiye, United Arab Emirates (UAE), France, Germany, West Asia and South Africa, and others.