James Warren Tea locked at lower circuit on buyback approval
The promoter and promoter group of the company have indicated their intention to participate in the proposed buyback
March 25, 2019 / 12:39 PM IST
Shares of James Warren Tea was locked at 5 percent lower circuit as company board approved the buyback of equity shares.
There were pending sell orders of 7,307 shares, with no buyers available.
According to company's release on BSE, the board considered and approved the proposal of buyback of 23,25,000 equity shares of Rs 10 each fully paid-up (representing 24.99 percent) at a price of Rs 115 per equity share aggregating to Rs 26,73,75,000 payable in cash.
The buyback price is at 11 percent discount to March 22 closing price of Rs 129.30.
The promoter and promoter group of the company have indicated their intention to participate in the proposed buyback.
At 1128 hours, James Warren Tea was quoting at Rs 122.85, down Rs 6.45, or 4.99 percent on the BSE.
For more market news, click here