Mcleod Russel India announced that the transaction for sale of the equity stake held by Borelli Tea Holdings, UK, the Wholly Owned Subsidiary of the company in Gisovu Tea Co., Rwanda being 60% of the Paid up Capital of Gisovu, in terms of the Memorandum of Understanding (MOU) signed between Borelli and Rwanda Tea Co., UK has been completed on26 March, 2019 by virtue of completion of the Share Transfer Process. In view of the above, Gisovu has ceased to be a Subsidiary of Borelli and Step-Down Subsidiary of the company.

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Borelli Tea Holdings, the wholly owned subsidiary of Mcleod Russel India, has decided to dispose of its entire shareholdinq in GisovuTea Company , Rwanda, a Subsidiary Company and 50% of the equity shares held by it in Pfunda Tea Company, Rwanda, another Subsidiary Company subject to due diligence by the proposed buyer and necessary approvals and for the said purpose BTHL, as the seller, and the Company, as the confirming party, have entered into separate Memorandum of Understandings with the proposed buyer namely, Rwanda Tea Investments, having Registered Office at Blenheim House, Fountainhall Road, Aberdeen, AB15 4DT on 22 February, 2019.

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Net profit of Mcleod Russel India declined 20.60% to Rs 53.59 crore in the quarter ended December 2018 as against Rs 67.49 crore during the previous quarter ended December 2017. Sales declined 16.38% to Rs 465.22 crore in the quarter ended December 2018 as against Rs 556.38 crore during the previous quarter ended December 2017.

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The Board of Mcleod Russel India on 12 February 2019 transacted the following -

Accepted the resignation of Bharat Bajoria, Independent Director of the Company with effect from 12 February 2019.

Accepted the resignation of Padam Kumar Khaitan, an Independent Director of the Company with effect from 12 February 2019.

Approved the appointment of Jyoti Ghosh as an Additional and Independent Director with effect from 12 February 2019.

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