Gillanders Arbuthnot to sell Tengapani Tea Estate for nearly Rs16cr; stock trades flat

The Tengapani Tea Estate contributed a revenue of Rs11.27cr in the last financial year.

Nov 24, 2020 06:11 IST India Infoline News Service

Shaking Hands
Gillanders Arbuthnot and Company Limited informed the exchanges about the Board of Directors' decision for the sale of certain tea estate(s) located in India. It added that the company has entered into a Memorandum of Underrstanding for sale of its Tengapani Tea Estate in Assam on November 23, 2020.

The Tengapani Tea Estate contributed a revenue of Rs11.27cr in the last financial year. The percentage of this contributed revenue stood at 1.83%. The Net worth, according to the company, during the last financial year was Rs1.26cr, or 0.01% or the total net worth.

The company expects the sale to be completed by January 1, 2021. The consideration to be received from the disposal of the tea estate is around Rs15.90cr plus value of current assets net of current liabilities as on date of completion of sale. 

The buyer of the estate is Ravindra Kumar Goenka, who is a businessman by occupation and resides in Dibrugarh, Assam.

Gillanders was trading flat at Rs34.90 on the BSE, at around 12pm.

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