Som Distilleries shares tumble 4% after company calls off QIP plans

“The company shall evaluate the viability of a funds raise at a suitable time,” the company said in a regulatory filing.

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Som Distilleries and Breweries shares were down 4 percent in the morning trade on October 9 after the alcoholic beverages maker announced that it would not to go ahead with the proposed qualified institutional placement (QIP) because it received ‘less amount of bids’.

The company’s fund-raising committee had on October 5 approved the QIP proposal along with a floor price of Rs 349.24.

“The company shall evaluate the viability of a funds raise at a suitable time. Our focus on growth and delivering shareholders value in the short and medium term remains intact,” the company said in context of having rescinded the QIP plans on October 9.

Som Distilleries on October 8 announced that it had entered a contract-manufacturing agreement for its brands in Punjab. Although it hasn’t announced the name of the contract-manufacturer, it said: “This is aimed at bolstering our supply capabilities to the armed-forces run Canteen Stores Department in the northern region of the country.”

At 9.45am on the NSE, the Som Distilleries and Breweries stock was quoting at Rs 357 apiece, down Rs 11.40, or 3.09 percent.

In year-to-date terms, the stock is up nearly 200 percent.

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In its results for the April-June quarter, the company reported a 51.57 percent on-year rise in its revenue from operations at Rs 385 crore. Net profit for the quarter was up 30.76 percent year-on-year at Rs 34 crore. Operating profit margins for the quarter, however, remained flat on a yearly basis to 13 percent.

Som Distilleries and Breweries is engaged in the business of brewing, distillation, and bottling of various alcoholic and non-alcoholic beverages. The company produces a wide range of products including whisky, brandy, vodka, and beer under different brand names.

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