Warren Tea Ltd to sell Tara Tea Estate to Dhunseri Tea and Industries Ltd

Warren Tea Limited has decided to dispose of one of its tea estate namely Tara Tea Estate located at P.O. Kakojan, Doom Dooma, Dist. Tinsukia, Assam 786 151, India.

For the said purpose, the Company at its Board Meeting held today has entered into a Memorandum of Understanding with Dhunseri Tea & Industries Limited.

This monetization is to consolidate and strengthen its financial position including containment and optimization of liabilities including borrowings and improving the overall performance of the Company. The Company shall be venturing into new areas of tea business i.e.:

- Retail/Consumer marketing in selected district in Northern India

- To carry on Tea business as a Merchant Exporters to Gulf / CIS / Eastern European Countries.

The gross consideration is Rs 36.50 Crores.

Shares of Dhunseri Tea & Industries Limited was last trading in BSE at Rs. 219.10 as compared to the previous close of Rs. 207.20. The total number of shares traded during the day was 2877 in over 200 trades.

The stock hit an intraday high of Rs. 222.60 and intraday low of 204.10. The net turnover during the day was Rs. 627102.00.

Shares of WARREN TEA LTD. was last trading in BSE at Rs. 69.65 as compared to the previous close of Rs. 69.65. The total number of shares traded during the day was 2338 in over 36 trades.

The stock hit an intraday high of Rs. 73.90 and intraday low of 67.55. The net turnover during the day was Rs. 163239.00.

Source : Equity Bulls

Keywords

DhunseriTeaandIndustries INE341R01014 WARRENTEA INE712A01012 TeaEstate