Dhunseri Tea skyrockets ~19% on acquisition of 2 tea estates in Assam
India Infoline News Service |
06 Dec, 2022 |
Dhunseri Tea & Industries Limited entered into a Memorandum of Understanding (MoU) on December 5, 2022, with Apeejay Limited for the acquisition of two estates located in Tinsukia District in the State of Assam.
The company has acquired Budlabeta Tea Estate and Hapjan Tea Estate for a total consideration of Rs109 crore.
Apeejay Tea Limited's Budlabeta Tea Estate and Hapjan Tea Estate are located in Tinsukia District in the state of Assam. The estates have a grant area of 1491 hectares and 1485 hectares respectively.
The company has acquired tea estates to enhance its production, turnover, and profitability.
The acquisition will be completed by January 31, 2023.
Following this development, Dhunseri Tea's counter surged 19% at Rs263.80, against previous close of Rs221.70 on NSE. The counter touched intraday high and low of Rs266 so far.
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