{"id":64135,"date":"2022-09-19T17:32:00","date_gmt":"2022-09-19T12:02:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=64135"},"modified":"2022-09-19T17:26:16","modified_gmt":"2022-09-19T11:56:16","slug":"tea-firm-gets-non-binding-letter-of-interest-hits-second-straight-20-upper-circuit","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/tea-firm-gets-non-binding-letter-of-interest-hits-second-straight-20-upper-circuit\/","title":{"rendered":"Tea firm gets non-binding letter of Interest; hits second straight 20% upper circuit\u00a0"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-645534298\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>McLeod Russel Limited\u2019s (MRIL) shares are nearing their 52-week high as they hit two straight upper circuits, triggered by a bulk deal. The shares are locked at \u20b9 34.25 apiece on the National Stock Exchange (NSE) on Monday. The stock reached its 52-week high of \u20b9 35.45 on September 30 last year.\u00a0<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2420659304\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>Carbon Resources (P) Ltd bought 4.95 million equity shares, representing 4.73 per cent of the total equity of MRIL via the open market on Friday. As per bulk deals data, the company bought the shares at a weighted average price of \u20b9 28.19 apiece on the NSE.The company\u2019s shares escalated by nearly 42 per cent from \u20b9 24.15 apiece in the past two days.\u00a0<\/p><p>McLeod Russel Limited is a tea company promoted by the Williamson Magor Group and promoted by the BM Khaitan family. The promoters own a 6.25 per cent stake in it. The company in its FY22 Annual Report mentioned that they are unable to meet the terms of facilities and loans availed from various lenders, adding that it is in discussion with lenders to restructure the terms of the loans.\u00a0<\/p><p>The lenders to the company received a non-binding Letter of Intent for the acquisition of a controlling stake in the company from Carbon Resources on September 16. SBI Capital Markets &amp; ICICI Bank are the lead bankers for the company. The letter provides lenders with an offer for the resolution of the company&#8217;s debt.&nbsp;<\/p><div class=\"trade-content_5\" id=\"trade-4081790350\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Carbon Resources has offered to infuse upfront equity worth \u20b9 300 crore and fresh debt worth \u20b9 945 crores to resolve the outstanding debt. Further, it has sought a 60-day exclusivity period to conduct due diligence.\u00a0<\/p><p>Incorporated in 1991, Carbon Resources is the largest and only fully integrated producer of electrode paste in India. It produces critical carbonaceous raw materials.&nbsp;<\/p><p>McLeod Russel Limited is engaged in the business of cultivation, manufacture and sale of tea in domestic as well as international markets. It is one of the largest plantations presently consisting of 33 tea estates located in Assam and West Bengal.&nbsp;<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Written by Simran Bafna<\/strong><\/p><\/blockquote><h4 class=\"wp-block-heading\" id=\"h-disclaimer\"><strong>Disclaimer<\/strong><\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer.png\" alt=\"\" class=\"wp-image-26306\" width=\"256\" height=\"256\"\/><\/figure><\/div><p><strong>The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-4098353308\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>McLeod Russel Limited\u2019s (MRIL) shares are nearing their 52-week high as they hit two straight upper circuits, triggered by a bulk deal. The shares are locked at \u20b9 34.25 apiece on the National Stock Exchange (NSE) on Monday. The stock reached its 52-week high of \u20b9 35.45 on September 30 last year.\u00a0 Carbon Resources (P) [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":27757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-64135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tea firm gets non-binding letter of Interest; hits second straight 20% upper circuit\u00a0 - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/tea-firm-gets-non-binding-letter-of-interest-hits-second-straight-20-upper-circuit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tea firm gets non-binding letter of Interest; hits second straight 20% upper circuit\u00a0\" \/>\n<meta property=\"og:description\" content=\"McLeod Russel Limited\u2019s (MRIL) shares are nearing their 52-week high as they hit two straight upper circuits, triggered by a bulk deal. 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