Sula Vineyards Surges as Prominent Investors Acquire Stakes Worth Crores

1 Sep 2023 , 12:30 PM

Sula Vineyards shares surged by nearly 2 % on September 1 following a significant stake acquisition. Prominent market players, including HDFC Mutual Fund, Morgan Stanley Asia Singapore Pte, Societe Generale, and Ghisallo Master Fund LP, jointly acquired a 7.06 % stake in Sula Vineyards.

This stake acquisition was executed through open market transactions on August 31. The acquisition involved 59.58 lakh equity shares purchased at an average price of Rs 484 per share, totaling Rs 288.4 crore.

Simultaneously, Verlinvest Asia Pte Ltd divested a substantial 12.56 % stake in Sula Vineyards by selling 1.06 crore shares at an average price of Rs 484.13 per share, yielding Rs 513.18 crore. Verlinvest Asia Pte’s remaining stake will be 5.54 % after the transaction and will be subject to a 60-day lock-in period.

Sula Vineyards recently recorded record-breaking sales and visitor numbers at its wine-tourism facilities in Nashik and Bengaluru during August 12–14. In the first quarter of FY24, Sula reported a strong 24.4 % increase in net profit, attributed to robust demand for premium wines and higher visitor numbers, reaching a consolidated net profit of Rs 13.68 crore for the June quarter, up from Rs 11 crore in the same period last year.

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