Som Distilleries cancels Qualified Institutions Placement (QIP) plans

Som Distilleries and Breweries Limited has announced the cancellation of its Qualified Institutions Placement (QIP) of equity shares, as revealed in an outcome from the Fund Raising Committee meeting held on October 9, 2023.

The Committee, during its October 9 meeting, decided not to proceed with the proposed QIP issue. This decision was made due to the lower-than-expected response in terms of bids received for the QIP.

Som Distilleries stated that it would assess the feasibility of raising funds at a more opportune time. The company reaffirmed its commitment to pursuing growth strategies and delivering value to its shareholders in both the short and medium term.