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Som Distilleries launches QIP to raise funds, stocks down

Oct 6, 2023

By: BlinkX Research Team

Following the company's announcement that it intends to raise money through a qualified institutional placement route, shares of Som Distilleries and Breweries Ltd. fell as much as 5% in trading on Friday.

A 9 percent discount from Thursday's closing prices of Rs 381.55 was set as the floor price for the company's QIP, which was fixed at Rs 349.24 per share.

According to a filing with the stock exchanges, Som Distilleries, the fundraising committee authorised the floor price of Rs 349.24 per share and authorised the offer to begin on October 5, 2023.

The company's board of directors accepted a plan to raise up to Rs 350 crore through public or private offerings or the QIP during its meeting on September 5.

Som's fund raising committee will again meet on October 10 to consider and approve the issue price, including a discount, if any to the floor price, for the eligible qualified institutional buyers.

Som Distilleries is involved in the business of brewing, fermentation, bottling, canning, and blending of beer and Indian-made foreign liquor.