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James Warren Tea Ltd board approves buy back at Rs. 115

Posted On: 2019-03-22 22:10:11

The Board of Directors of James Warren Tea Ltd at its Meeting held today i.e. 22nd March, 2019, has approved the proposal of Buyback of fully paid Equity shares of the Company.

The board approved proposal of Buyback of 23,25,000 (Twenty Three Lakhs Twenty Five Thousand) Equity shares of Rs. 10/- each fully paid-up (representing 24.99% of the total paid up equity share capital of the Company as on 31st December, 2018) at a price of Rs. 115/- (Rupees One Hundred Fifteen Only) per equity share aggregating to Rs. 26,73,75,000/- (Rupees Twenty Six Crores Seventy Three Lakhs Seventy Five Thousand only) payable in cash excluding transaction costs viz. brokerage, securities transaction tax, service tax, stamp duty, professional / legal fees, statutory fees, ete. a sum not exceeding 25% of Equity Share eapital and Free Reserves as per the latest Interirn Audited Balance Sheet (both Standalone & Consolidated) of the company for the nine months ended 3Lst December, 2018, from all the equity shareholders / beneficial owners of the Equity shares of the company as on Record date (to be determined) as may be decided by the Committee formed for the buy-back purposes on a proportionate basis (in case of over subscription) through the Tender Offer route using Stock Exchange Mechanism as prescribed under Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018, as amended and the companies Act, 2013, the companies (Share capital and Debentures) Rules, 2014.

The Buyback would be subject to approval of members of the Company by way of Special Resolution through Postal Ballot (Physical & E-voting) process and all other applicable statutory approvals.

The members of the promoter and promoter group of the company have indicated their intention to participate in the proposed Buyback.

Shares of James Warren Tea Ltd was last trading in BSE at Rs.129.3 as compared to the previous close of Rs. 123.15. The total number of shares traded during the day was 28314 in over 131 trades.

The stock hit an intraday high of Rs. 129.3 and intraday low of 120.5. The net turnover during the day was Rs. 3655002.

Source: Equity Bulls

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