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What is the story about?
Shares of Redtape Ltd., the demerged entity of footwear manufacturer Mirza International Ltd., fell over 7% on Wednesday, January 14. The stock has declined in four out of the last five trading sessions.
The stock had gained 12% on Tuesday on the back of a Reuters report, which stated that the company's founders are looking at interest from Blackstone and KKR to sell majority stake or maybe even their entire holding worth $510 million in the company.
Redtape's founding Mirza Family has appointed Ernst & Young as the exclusive financial adviser to divest their stake, the Reuters report stated citing documents accessed by them.
In response to the Reuters report, promoters of Redtape stated that no event has occurred yet which warrants a disclosure as per the SEBI regulations. However, they went on to add that the company and its promoters continue to explore strategic opportunities for growth, expansion of its business and value creation from time to time.
At the end of the September quarter, promoters of Redtape had a 71.8% stake in the company. The shareholding for the December quarter is yet to be disclosed.
Shares of Redtape are trading 6.7% lower on Wednesday at ₹120.47. The stock had begun the new year coming on the back of three straight months of negative returns. Shares had declined 44% in 2025.
The stock had gained 12% on Tuesday on the back of a Reuters report, which stated that the company's founders are looking at interest from Blackstone and KKR to sell majority stake or maybe even their entire holding worth $510 million in the company.
Redtape's founding Mirza Family has appointed Ernst & Young as the exclusive financial adviser to divest their stake, the Reuters report stated citing documents accessed by them.
In response to the Reuters report, promoters of Redtape stated that no event has occurred yet which warrants a disclosure as per the SEBI regulations. However, they went on to add that the company and its promoters continue to explore strategic opportunities for growth, expansion of its business and value creation from time to time.
At the end of the September quarter, promoters of Redtape had a 71.8% stake in the company. The shareholding for the December quarter is yet to be disclosed.
Shares of Redtape are trading 6.7% lower on Wednesday at ₹120.47. The stock had begun the new year coming on the back of three straight months of negative returns. Shares had declined 44% in 2025.
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