Tuesday, September 26, 2023
HomeMarketLiquor maker Allied Blenders gets SEBI’s go-ahead for Rs 2000-crore IPO hot...

Liquor maker Allied Blenders gets SEBI’s go-ahead for Rs 2000-crore IPO hot news

Allied Blenders and Distillers Limited has received approval from the Securities and Exchange Board of India (SEBI) to go-ahead with its initial public offering of shares nearly six months after filing the draft papers.

The IPO comprises fresh issue of equity shares worth Rs 1,000 crore, and an offer for sale by promoters Bina Kishore Chhabria, Resham Chhabria, Jeetendra Hemdev, Neesha

Kishore Chhabria, aggregating up to Rs 1,000 crore.

The promoter and promoter group entities together hold about 80% stake in the Mumbai-based liquor company.

Allied Blenders makes foreign liquors and its flagship brands include ‘Officer’s Choice Whiskey’, ‘Sterling Reserve’, and ‘Officer’s Choice Blue’. The company’s brands are sold across 30 states and Union Territories.

Of the total proceeds from the fresh issue, it plans to utilise Rs 700 crore to repay debt and the rest for general corporate purposes.

The company plans to introduce products in the premium, semi-premium, and deluxe segments that will help improve its profitability.

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