McLeod Russel soars on tea garden sale for debt repayment

The stock is now on a three-day winning streak, with cumulative gain of over 12 percent.

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McLeod Russel share price gained over 6 percent on July 11, a day after the company said that its board has approved agreement with Carbon Resources to monetise identified assets. The proceeds will be used towards debt repayment.

“The Board has considered and approved the execution of an exclusivity agreement with Carbon Resources to exclusively discuss, negotiate and evaluate a mutually agreeable mechanism for monetisation of identified assets of the company for a one-time settlement of the debt owed to identified lenders,” the bulk tea producer said in an exchange filing.

The Khaitans currently own a 6.25 percent stake in McLeod Russel and the debt stands at over Rs 1,700 crore. The lenders to the company are ICICI Bank, State Bank of India, Indian Bank, RBL Bank, Axis Bank, HDFC Bank, UCO Bank, Punjab National Bank, Yes Bank and IndusInd Bank.

At 9:20 am, the stock was quoting at Rs 21.30 on the NSE, higher by 6.7 percent from previous close. The stock is now on a three-day winning streak, with cumulative gain of over 12 percent.

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The Kolkata-based carbon products manufacturer had earlier sent a Rs 1,245-crore non-binding offer to lenders to acquire a controlling stake in the tea producer. However, that pact did not materialise. Following this, Carbon Resources sold its entire 5.03 percent stake in McLeod Russel in June.

In Q4 FY23, McLeod Russel posted a consolidated net loss of Rs 1,078.27 crore hit by provisioning for outstanding inter-corporate deposits (ICDs).  In the year-ago period, net loss had stood at Rs 192.93 crore.

Revenue from operations in Q4 FY23 stood at Rs 226.04 crore as against Rs 254.24 crore a year back.

McLeod Russel began planting tea in India in 1869 and is one of the largest tea producing companies in the world. Its estates produce more than 80 million kilograms of black tea which is exported worldwide. It is part of the financially-stressed Williamson Magor Group.