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McLeod Russel inches up on arm acquiring 60% stake in Gisovu Tea Company

02 Dec 2011 Evaluate

McLeod Russel India is currently trading at Rs. 227.00, up by 0.25 points or 0.11% from its previous closing of Rs. 226.75 on the BSE.

The scrip opened at Rs. 222.00 and has touched a high and low of Rs. 227.00 and Rs. 222.00 respectively. So far 1,051 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 289.65 on 14-Jul-2011 and a 52 week low of Rs. 192.00 on 10-Dec-2010.

Last one week high and low of the scrip stood at Rs. 228.95 and Rs. 217.00 respectively. The current market cap of the company is Rs. 2,484.00 crore.

The promoters holding in the company stood at 45.67% while Institutions and Non-Institutions held 39.89% and 14.44% respectively.

Mcleod Russel's subsidiary - Borelli Tea Holdings has acquired 60% stake in Gisovu Tea Company, Rwanada. Gisovu has issued 12,740 ordinary shares of RWF 1,00,000 each being 60% of the paid-up share capital of the said company to Borelli on December 01, 2011. With the issue of the above shares to Borelli, Gisovu has become a subsidiary of Borelli and a step-down subsidiary of Mcleod Russel India.

Earlier in February this year, Borelli Tea Holdings had entered into the management and taken over control of Gisovu Tea Company, pending completion of certain formalities.

McLeod Russel India is the largest tea producing company in the world. In July 2005 McLeod Russel acquired Borelli Tea Holdings from the Magor family based in England and took over the 17 tea gardens of its Indian subsidiary Williamson Tea Assam. McLeod Russel is the largest tea exporter from India with a strong customer base in United Kingdom and Europe.

Mcleod Russel Share Price

52.84 2.51 (4.99%)
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