RedTape shares in focus after Income Tax raids, firm says operations normal

Shoes and apparel manufacturer RedTape Ltd. informed the exchanges on Tuesday, September 16, that the Income Tax Department conducted search proceedings at some of its locations between September 11 and September 16, 2025.

The company said it has fully cooperated with the tax officials during the proceedings and has provided the clarifications and details sought by them.

RedTape added that its business operations are continuing as usual.

"We will continue to provide any further clarification or information that may be required, and will comply with our legal obligations for disclosure from time to time," the company said in its filing.

Shares of RedTape had listed on the stock exchanges in August 2023 after its demerger from the parent company Mirza International.

RedTape accounted for nearly 55% of the overall sales of Mirza International, at the time of the demerger announcement in November 2021. The demerger was approved by the NCLT in February 2023.

The Mirza family still owns 71.80% stake in RedTape as promoters of the company.

Shares of RedTape settled 1.06% lower on Monday at ₹137.24. The stock has risen 10% in the last one month.