Liberty Shoes approves corporate restructuring, stock up 7%

Shares in footwear maker Liberty Shoes  rallied more than 7 percent intraday on Tuesday as the board of directors approved corporate restructuring of the company.

Corporate restructuring plan includes appointment of external agencies for in-depth study of the existing operations, preparation of strategic business plan with specific emphasis on high growth with the aim of regaining the leading position in the organized footwear industry and sustained profitability, organisational/corporate restructuring/acquisition-merger, consolidation & promoter payouts with special emphasis on unlocking shareholder value, and enlargement of the scope of existing Management Committee of the Board for the consideration and approval of restructuring plan.

The plan also includes reconstitution of management committee and projected business plan for the financial year 2013-14.

At 11:27 hours IST, shares went up 2.08 percent to Rs 93.40 amid large volumes on Bombay Stock Exchange.

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