Jay Shree Tea to meet over shares selling

Jay Shree Tea to meet over shares selling

Kolkatta: Jay Shree Tea and Industries Ltd on Tuesday said in a stock market filing that its board would meet on 14 October to consider a proposal to sell shares.

The company needs cash for acquisitions, its managing director D.P. Maheshwari said. Cash could be raised by issuing global depository receipts, American depository receipts or by placing shares with institutional investors, according to him.

That apart, the management will also seek the board’s approval to increase borrowing limit by Rs50 crore.

In Thursday’s meeting, Jay Shree Tea’s board will also consider raising the cap on investment in the company’s shares by foreign institutional investors from 7% to 24%, Maheshwari added.