Main Disclosure – Disinvestment Details
Target Entity: Assets of Corramore Tea Estate, situated in Assam.
Percentage Stake Disinvested: The disclosure pertains to the disposal of the entire estate's assets, not a specific percentage stake in a subsidiary.
Post-Transaction Holding: The company will fully dispose of the assets of the Corramore Tea Estate.
Counterparty/Buyer: Krishnabehari Tea Co Ltd (CIN: U15491WB1936PLC008713). Registered office: 33A, J L Nehru Road, Chatterjee International Centre, 11th Floor, Room No 1, Kolkata - 700071.
Mode of Consideration: Cash consideration of Rs. 26,16,25,000/- (Rupees Twenty Six Crores Sixteen Lakhs Twenty Five Thousand Only).
Valuation or Price Basis: The consideration is exclusive of applicable taxes and outstanding statutory dues. It is subject to adjustments for the value of current assets and current liabilities as on the date of execution of the definitive agreement for sale, upon completion of due diligence.
Rationale for Disinvestment: The disposal is for part-payment of debt, as per the Sanction Letter from National Asset Reconstruction Company Limited (NARCL) acting through India Debt Resolution Company Limited (IDRCL) dated 2nd April 2026, which approved the restructuring of the company's debt.
Impact on the Company: The disposal will result in the reduction of debt. The Corramore Tea Estate contributed Rs. 1,744.25 Lakhs, or 1.80%, to the company's total turnover in the previous financial year (2025-26).
Business Profile of Target Entity: The target is the Corramore Tea Estate, a tea plantation asset located in Assam.
Related Party Status: No. The buyer, Krishnabehari Tea Co Ltd, does not belong to the promoter/promoter group or group companies. The proposed transaction does not constitute a Related Party Transaction.
Approvals Required: The company is in the process of obtaining requisite shareholder approval in compliance with Regulation 37A of the SEBI LODR Regulations, 2015, read with Section 180(1)(a) and other applicable provisions of the Companies Act, 2013. Other statutory approvals as may be required are also pending.
Indicative Timeline: A Memorandum of Understanding (MoU) was entered into on 6th August 2026. The expected date for completion of the sale/execution of the definitive agreement is 31st October 2026, subject to the receipt of necessary approvals.
Other Updates
No other disclosures are present in the document.