McLeod Russel seeks shareholders' nod to sell additional tea gardens

McLeod Russel is seeking shareholders’ approval to sell additional tea estates to raise funds to cut its debt burden and fund a share buyback plan, which is currently underway. The proposal will be placed at its annual general meeting (AGM), scheduled for August 9. According to Kamal Baheti, director at McLeod Russel, shareholders’ approval is needed for the company to execute sales when their worth exceeds 20 per cent of the value of the firm’s fixed assets.  Under the proposal, the company will suggest offloading a maximum of 35 per cent of its fixed assets.....

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