Money raised from block deal will come into company for deleveraging: McLeod

McLeod Russel (India) has seen a large trade where 1 crore shares exchanged hands. Kamal Baheti, CFO of the company is understood to have sold these shares.

I was holding shares on behalf of Borelli Tea Holdings, which is 100 percent subsidiary of McLeod under Trust, so have sold those shares in open market, said Kamal Baheti in an interview to CNBC-TV18.

He further said that promoter stake has come down to 40 percent post this large trade. However, money raised from block deal will come into the company for deleveraging.

Talking about debt, he said on consolidated basis we are at around Rs 900 crore as of March 31, 2017 and the total debt including working capital is Rs 950 crore.