Sula Vineyards down 5% after 13.1% stake changes hands

Verlinvest Asia Pte is the likely seller. It held 18.64 percent stake in the winemaker at the end of the June quarter of FY24

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Shares of Sula Vineyards slumped 5 percent in the morning trade after 13.1 percent equity changed hands in a block deal on August 31.

Around 1.1 crore shares changed hands at an average of Rs 490 apiece, a 3.8 percent discount to previous day’s close of Rs 508.70. The transaction was worth Rs 540 crore.

At 9.19 am, shares of Sula Vineyards were trading at Rs 495.50 on the National Stock Exchange, down 2.59 percent from the previous close.

Even though buyers and sellers involved in the transaction could not be identified immediately, CNBC Awaaz had earlier reported that Verlinvest Asia Pte, a major institutional investor in India’s only listed wine maker, was looking to pare a 12.56 percent stake.

As per the report, the deal was expected at a floor price in the range of Rs 473-508.7 apiece.

Also Read | Sula Vineyards: Verlinvest Asia looks to sell up to 12.56% via block deal

Post the stake sale, Verlinvest Asia Pte, which had a 18.64 percent shareholding in the company, will be left with a 5.54 percent equity. The remaining stake will also be locked for 60 days.

Earlier this month, Sula Vineyards recorded its highest three-day sales, individual tastings, and visitors from August 12–14 at its wine-tourism facilities in Nashik and Bengaluru.

During the first quarter of FY24, Sula also reported a 24.4 percent jump in net profit, attributed to robust demand for its premium wines and higher visitor numbers at its vineyards.

The Mumbai-based company recorded a consolidated net profit of Rs 13.68 crore for the June quarter, up from Rs 11 crore in the corresponding period the previous year.

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