James Warren Tea Limited board approves buyback at Rs. 295 through tender offer

The Board of directors of James Warren Tea Limited has considered and approved the proposal of Buyback of 8,42,717 (Eight Lakhs Forty Two thousand Seven Hundred and Seventeen Only) Equity shares of Rs. 10/- each fully paid-up (representing 16.07% of the total paid up equity share capital of the Company as on 30th September, 2021) at a price of Rs. 295/- (Rupees Two Hundred and Ninety Five Only) per equity share aggregating to Rs 24,86,01,515/- (Rupees Twenty Four Crores Eighty Six Lakhs One Thousand Five Hundred and Fifteen only) payable in cash excluding transaction costs viz. brokerage, securities transaction tax, service tax, stamp duty, professional / legal fees, statutory fees, etc. a sum not exceeding 25% of Equity Share capital and Free Reserves as per the latest Audited Condensed interim financial statements of the Company for the period ended 30th September, 202l, 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 oversubscription) through the Tender Offer route using Stock Exchange Mechanism.

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

The public announcement setting out the process, record date, timeline and other requisite details will also be released in due course in accordance with the Buyback Regulations.

Shares of James Warren Tea Ltd was last trading in BSE at Rs. 254.35 as compared to the previous close of Rs. 246.20. The total number of shares traded during the day was 13018 in over 258 trades.

The stock hit an intraday high of Rs. 259.00 and intraday low of 243.00. The net turnover during the day was Rs. 3283960.00.