MUMBAI, Dec 7( Reuters)- Sula Vineyards, India’s biggest white wine maker, prepares to raise 9.60 billion rupees($116.46 million)in its going public set to open for membership next week, President Rajeev Samant stated on Wednesday. The IPO, the very first by a wine maker in the South Asian nation, will consist of the sale of shares by Samant along with Belgian investment companies Verlinvest and Cofintra SA.
Red wine has been acquiring favour in India, which has actually largely been controlled by nation alcohol, Indian-made foreign liquor and beer. Sula was introduced in 1996 by Samant and the company has actually considering that grown to end up being India’s biggest producer and seller of red wine. Its portfolio includes 56 labels from 13 of its own brand names and 20 global ones.
About 26.9 million shares will be readily available for subscription from Dec. 12-14, Samant stated at an interview in Mumbai. The shares will be priced between 340 rupees and 357 rupees, he included. Kotak Investment Banking, CLSA and IIFL Securities are the book running supervisors to the IPO. The business had a net income of 4.57 billion rupees in the 2022, up 8 % from the previous year. ($ 1=82.4350 Indian rupees) Reporting by Tanvi Mehta in New Delhi and Sriram Mani in Mumbai; Modifying by Nivedita Bhattacharjee and Saumyadeb Chakrabarty Our Standards: The Thomson Reuters Trust Principles.