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The shares of James Warren Tea have risen over 5 per cent on buyback plan. The offer from the company will open for subscription from today and end on November 12.
The company plans to buyback 17.40 lakh shares at ₹114 a share, aggregating to ₹19.84 crore. The buyback offer is 24.93 per cent of the total paid-up capital of the company.
The promoters and the promoters' group have expressed their willingness to participate in the buyback offer.
As the offer is on a proportionate basis, through the 'tender offer' process using stock exchange mechanism, shareholders whose name had appeared on the company's record book as on September 18 (Record Date) are only eligible to participate.
The stocks have gained today after two days of consecutive fall and are currently quoting at ₹116.80, up 5.70 per cent.
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