Jay Shree Tea & Industries Ltd to sell Tea Estates at Valparai

The Board of Directors of Jay Shree Tea & Industries Limited, had earlier approved proposal to monetize certain Tea Estate(s) and/or other assets in India or abroad.

The company has now entered into a definitive agreement for sale of its estates at Valparai in Tamil Nadu. The amount of revenue contributed by this estate during the last financial year was Rs.2538.63 lakhs.

The company has received consideration of Rs.11,00,00,000/- (Rupees Eleven Crore Only) already and balance amount to be received is Rs.35,00,00,000/- (Rupees Thirty Five Crore Only) plus value of current assets/liabilities.

Jimsam Tea Equipments Pvt Ltd, 53-C, Athipalayam Road, Coimbatore-641006 is the buyer of the estates at Valparai.

Shares of JAY SHREE TEA & INDUSTRIES LTD. was last trading in BSE at Rs.75 as compared to the previous close of Rs. 73.75. The total number of shares traded during the day was 36991 in over 556 trades.

The stock hit an intraday high of Rs. 76.55 and intraday low of 72.85. The net turnover during the day was Rs. 2763920.

Source : Equity Bulls

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