Goodricke Group Executes Non-Binding MoU for Sale of Chalouni Tea Estate
Goodricke Group Ltd has executed a Non-binding Memorandum of Understanding (MoU) for the proposed sale of its Chalouni Tea Estate. The MoU was executed on April 6, 2026.The agreement was entered into with Mr. Ashok Kumar Goyal (PAN: ACYPG3122H) and Mrs. Suman Goyal (PAN: ADMPG4329H), residents of Central Tea House, H-19/1N, Anand Vihar Complex, Sevoke Road, 2.5 Mile, Bhakti Nagar, Rajganj Siliguri, 734001, West Bengal. The purpose of the MoU is to allow for due diligence regarding the sale of the Chalouni Tea Estate on an 'as is, where is' basis. The company specified that the MoU is non-binding, and the execution of a definitive agreement will depend on satisfactory completion of due diligence. The Board of Directors had approved the execution of the MoU via a resolution passed by circulation on April 3, 2026.
Financial and Transaction Details
The details pertaining to the transaction were outlined in an annexure, providing specific financial figures and timelines.A summary of the key transaction details is presented below:
| Particulars | Details |
|---|---|
| Amount & percentage (%) of Turnover/revenue/income contributed by Chalouni tea estate during the previous financial year 2024-25 | Rs. 17.39 Crores, contributing 1.9% of total turnover of the Company during the last financial year, fetching an average 3-year own crop of 695,000 Kgs of tea. Net Worth contribution: 5% of total Net Worth of the Company as on 31 st March, 2025. |
| Date of Non-Binding MoU | April 6, 2026 |
| Expected Date for Definitive Agreement | On or before May 15, 2026 |
| Consideration Received | Rs. 19,00,00,000 (Rupees Nineteen Crore Only) exclusive of applicable taxes, subject to adjustments for value of current assets and current liabilities as on the date of execution of the definitive agreement for sale upon completion of due diligence. |
| Buyers | Mr. Ashok Kumar Goyal (PAN: ACYPG3122H) & Mrs. Suman Goyal (PAN: ADMPG4329H). The subsequent Agreement for sale may be executed with an entity to be promoted by the Buyers specifically for this transaction upon satisfactory completion of due diligence. The Buyers are not associated with the promoter or promoter group/group companies. |
| Related Party Transaction Status | The proposed transaction does not constitute a Related Party Transaction. |
The document clarified that the proposed disposal of the tea estate falls outside the scope of the Scheme of Arrangement.
Goodricke Group Ltd is a group company of Camellia Plc. U.K.
Stock Price Movement
At the close of trade today on Monday, Goodricke Group Ltd settled at ₹151.90, ticking up by +0.70%. Throughout the session, the shares saw movement between an intraday low of ₹148.15 and a high of ₹153.50.Source:
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