Verlinvest Asia Pte Ltd to sell upto 12.56 percent stake in Sula Vineyard

For Rs 539.2 crore, Verlinvest Asia Pte is anticipated to sell up to a 12.56 percent share in Sula Vineyards through a block deal. 

The investment firm, which makes investments in the food, beverage, health care, and digital and e-commerce industries, would sell the shares for between Rs. 473-508.7 a share, according to sources. At the conclusion of the June quarter of FY24, it owned 18.6 percent of the largest wine producer in the nation.

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

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.

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.                

Source: Media Reports