Verlinvest Asia looks to sell up to 12.56% via block deal

Tthe base price of the block deal is expected to be around Rs 473 apiece.

Verlinvest Asia Pte is likely to offload up to 12.56 percent stake in Sula Vineyards for Rs 539.2 crore via a block deal, CNBC Awaaz reported on August 30, citing sources.

Tthe base price of the block deal is expected to be around Rs 473 apiece.

Verlinvest Asia Pte, an investment company that invests in digital and e-commerce, food, beverages, and health and care sectors, will sell the shares at a price in the range of of Rs 473-508.7 apiece, the sources added.

The share sale price range corresponds to a 0 to 7% discount to the Sula Vineyard stock’s closing price of Rs 508.70 on the NSE on August 30.

It was not immediately clear who were buyers of this deal.

Verlinvest Asia Pte held 18.6 percent stake in the country’s leading winemaker at the end of the June quarter of FY24.

Post the block deal, Verlinvest Asia Pte will be left with a 6.04 percent stake in the company, which will also be locked up for 60 days.

Sula Vineyards was in the news at the beginning of this month when it was sent a demand notice from the Maharashtra excise department to pay excise duty of Rs 115 core on wine which was manufactured by it using grapes from Maharashtra or by blending wine brought from across custom frontier or from other states.

In Q1 FY24, Sula Vineyards posted a 24.4 percent rise in profit, helped by strong demand for its premium wines and increased footfall at its vineyards. The Mumbai-based company, reported a consolidated net profit of Rs 13.68 crore at the quarter ended June compared with Rs 11 crore a year earlier.

Meanwhile, in the trading session on August 30, Sula Vineyard’s scrip settled at Rs 509.30 apiece on the BSE, which was Rs 2.35 lower or 0.46 percent as against the previous day’s close.

Sula has grown to be India’s largest and most awarded wine brand in India. Sula introduced grape varietals such as Chenin blanc, Sauvignon blanc, Riesling and Zinfandel in India and is the leading player in the Indian wine industry.