The company decided to dispose of certain tea estates in Assam, namely Beesakopie, Raidang, Daimukhia, Samdang, Baghjan, Bordubi, Koomsong and Phillobari.
"...the company has entered into a Memorandum of Understanding with M. K. Shah Exports Limited, having registered at Kolkata on June 5, 2018," the tea producer said in a regulatory filing.
These gardens contributed Rs 192.76 crore to its turnover in the last fiscal, which was over 12 per cent of its last year's revenue.
"The company proposes to utilise the sale proceeds in repayment of certain high interest bearing debts, for buying back company's own shares from the shareholders of the company to the tune of Rs.100 crore...and making investment for diversification into packet tea business," the company had said earlier.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
This website uses cookies.