Warren Tea Limited, a listed player with decades of legacy in India’s tea industry, announced on June 17, 2025, that its Board of Directors has initiated a strategic review to explore the possibility of an amalgamation, restructuring, or scheme of arrangement with its associate company, Maple Hotels & Resorts Limited.

This development follows an earlier intimation to the exchanges on June 10, 2025, and is in line with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting Outcome

At its meeting held on Tuesday, June 17, 2025, which commenced at 11:30 AM and concluded at 3:00 PM, the Board discussed the potential synergistic opportunities arising from a strategic integration with Maple Hotels & Resorts Limited.

To enable a thorough evaluation, the Board has constituted a Committee tasked with assessing the strategic, financial, and operational implications of such a transaction. The committee will also have the authority to engage external experts, including merchant bankers, valuers, and other professionals, to support the decision-making process.

Committee Members Appointed

The newly formed committee includes the following members:

1. Mr. Kunal R Shah – Non-Executive Independent Director

2. Ms. Atrayee Ghosal – Non-Executive Independent Director

3. Mr. Soma Chakraborty – Company Secretary and Whole-Time Director

These senior members will lead the evaluation process and recommend the best course of action for the benefit of all stakeholders, including shareholders, employees, and business partners.

About Maple Hotels & Resorts Limited

Maple Hotels & Resorts Limited is an unlisted public limited company and a strategic associate of Warren Tea Limited. Warren Tea holds a significant equity stake in Maple, making the potential amalgamation a natural extension of their existing partnership.

Maple Hotels owns and operates five hotel properties across Rajasthan under the “Vesta Hotels & Resorts” brand. These properties cater to both premium leisure and business travellers and are recognised for their hospitality and service quality in the state.

Strategic Rationale for the Evaluation

The proposal under consideration comes at a time when companies across sectors are reassessing their business models post-pandemic and aligning operations to future growth drivers.

For Warren Tea Limited, whose core operations have traditionally been focused on tea plantations, diversification into the hospitality sector through a possible merger with Maple Hotels presents a new growth avenue. The move could potentially:

• Enhance the Company’s asset base and revenue profile

• Offer cross-sector synergy between tea estates and hospitality tourism

• Help leverage Warren Tea’s corporate structure, listing advantages, and brand trust

• Strengthen Maple Hotels’ access to capital markets, compliance frameworks, and expansion capital

The proposed restructuring or amalgamation, if approved, could pave the way for a hybrid enterprise that combines traditional agro-business with high-growth hospitality operations.

Corporate Governance and Transparency

Warren Tea’s decision to constitute a formal committee comprising independent directors and senior management indicates a commitment to good governance, fair valuation, and transparent due diligence. The committee’s mandate includes:

• Appointing registered valuers and merchant bankers

• Reviewing regulatory and financial implications

• Coordinating with legal and compliance advisors

• Recommending final terms of a possible deal structure

Listing and Compliance Update

Warren Tea Limited is listed on the Bombay Stock Exchange (BSE) with Scrip Code: 508494. The company has affirmed that all relevant developments are being published on its website www.warrentea.com and will be disclosed to the stock exchange in compliance with SEBI’s Listing Regulations.

The communication was made public by Soma Chakraborty, Executive Director & Company Secretary, who is also a member of the evaluation committee.

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