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| Exchange Disseminated Time | Warren Tea Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 11, 2016, has approved the following:
1. Acquisition of Shares
Acquisition of a further 17,00,000 Equity Shares of Rs. 10 each of Maple Hotels & Resorts Limited ('Maple'), an Associate Company (a Related Party) in which the Company already holds 30,00,000 Equity Shares of Rs.10 each, from an existing unrelated shareholder, for cash, at a price not exceeding Rs. 50 per share. The Net Asset Value per share of Maple as available from its latest published accounts is Rs. 45.56.
The transaction is at arms length basis and has been approved by the Audit Committee at its Meeting held earlier in the day on February 11, 2016.
2. Re-appointment of Mr. Vinay K Goenka, Chairman
Reappointment of Mr. Vinay K Goenka as Chairman ( wholetime) for three years with effect from April 01, 2016, subject to requisite approvals. |
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