Shares of Campus Activewear rose about 5% in morning trade on April 13 after the company acquired a piece of land and a building from Marico Industries in Paonta Sahib, Himachal Pradesh.

The land area is 30 biga 9 biswas, and the purchase price is Rs 167 crore. The company believes the acquisition will help expand its ability to manufacture semi-finished and assembled footwear.

Shares of the footwear company reacted positively to the news, as they traded 3.55% higher at Rs 342.55 at 9:53 am on the National Stock Exchange.

A total of 900,000 shares of the shoe company changed hands on the exchange, compared with a daily average of 400,000 for the week.

Campus Activewear has an annual production capacity of 108 lakh pairs of soles, 42 lakh pairs of uppers, and an assembly line of 348 lakh pairs of shoes.

To further boost capacity, the company has proposed adding 72 lakh pairs of soles, 36 lakh pairs of uppers, and an assembly line to produce another 36 lakh pairs of shoes over the next 18 months.

“The capacity expansion is aimed at business growth and increased backward integration,” the company said in a bourse filing.