Consumer sector-focused family-owned investment holding firm Verlinvest, which is headquartered in Belgium, is planning to make a complete exit from leading Indian winemaker Sula Vineyards, multiple industry sources in the know told Moneycontrol.
"Verlinvest currently has 8.34 percent stake in the firm and they have launched a block deal, which is intended to be a complete clean up trade," said one of the people above.
Kotak Mahindra Capital is the advisor on the deal, this person elaborated.
A second person told Moneycontrol that the size of the proposed block deal is around $52 million and the floor price is Rs 570/share.
Both the persons above spoke to Moneycontrol on the condition of anonymity.
Sula Vineyards on February 19, responded to an email query from Moneycontrol and confirmed the stake sale plans. The firm said, "Verlinvest and Sula Vineyards Limited have shared a strong & enduring partnership spanning over 14 years. As part of its investment horizon & strategy, Verlinvest has divested its remaining stake in the company. We are grateful for Verlinvest’ s valuable partnership & contribution to our growth and success in the Indian wine industry."
Moneycontrol could not elicit a comment from Verlinvest and Kotak Mahindra Capital.
Sula Vineyards' share price has gone up by nearly 25 percent in the last six months.
The popular winemaker made its public market debut in December 2022 and its IPO was entirely an OFS (offer for sale), which saw participation by promoters and investors like Verlinvest. Verlinvest first picked up a minority stake in Sula Vineyards in 2010 and diluted the stake earlier as well via the block deal route.
(The earlier version (February 16) of this article has been updated with the official statement of Sula Vineyards)
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