Som Distilleries Shares Rise as Company Receives Permission to Supply Beer in Rajasthan

17 Jul 2023 , 03:05 PM

Som Distilleries, a prominent spirits maker, witnessed a 3 percent increase in its share price, reaching Rs 313 at 11:12 am. At the time of writing, the stock is trading at Rs 308.75, which is a 1.65% higher than the previous day’s close. This surge comes after the company received permission to supply beer in Rajasthan. 

Som Distilleries has obtained the necessary approval to supply beer in Rajasthan, a significant market for alcohol consumption. Rajasthan ranks among the top five states in terms of alcohol consumption.

The company expressed its commitment to building its market share in Rajasthan while also aiming to expand its presence in other states.

In May, Som Distilleries formed a partnership with Carlsberg for the production and distribution of premium beverages in Odisha. Production at the Odisha plant commenced on June 23. On July 8, the Som Distilleries board approved raising funds through convertible equity warrants and equity shares.

Data reveals that the company plans to issue up to 51,50,000 convertible equity warrants at an issue price of Rs 275 to promoters, promoter groups, and other public investors on a preferential basis. Additionally, up to 2,50,000 equity shares at an issue price of Rs 275 will be issued to non-promoters through private placement.

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