Allied Blenders Distillers Promoter Sells Nearly 2% Stake for Rs 357 Cr

New Delhi: Bina Kishore Chhabria, one of the promoters of Allied Blenders and Distillers, divested nearly a 2 per cent stake in the company for Rs 357 crore through an open market transaction on Wednesday.

The stake sale comes a day after Allied Blenders and Distillers said in a filing that its promoter proposes to divest part of its holding to comply with minimum public shareholding norms.

According to bulk deal data on the BSE, Chhabria sold 55 lakh shares, amounting to a 1.96 per cent stake in Mumbai-based Allied Blenders and Distillers (ABD).

The shares were sold at an average price of Rs 650.17 apiece, taking the deal value to Rs 357.59 crore.

After the latest transaction, Chhabria’s holding in ABD dropped to 56.24 per cent from 58.20 per cent. Also, the combined shareholding of promoters and promoter group entities has come down to 78.95 per cent from 80.91 per cent.

Meanwhile, SBI Mutual Fund bought 34 lakh shares of ABD, while Abu Dhabi Investment Authority acquired a little over 15 lakh shares of the company at an average price of Rs 650 apiece.

This took the combined deal value to Rs 318.77 crore.

Details of the other buyers of ABD’s shares could not be identified from the bourse.

Allied Blenders and Distillers stock rose 1.70 per cent to end at Rs 657.45 apiece on the BSE.

In July, Allied Blenders and Distillers reported an 18.65 per cent decline year-on-year in its consolidated net profit to Rs 45.42 crore in the June quarter of FY27, on account of disruptions in the global supply chain.

The company had posted a net profit of Rs 55.83 crore in the April-June period a year ago.

However, its revenue from operations edged up 1.84 per cent to Rs 1,809.15 crore in the first quarter of the current fiscal compared to Rs 1,776.37 crore in the year-ago period.

Allied Blenders and Distillers, the makers of Officer’s Choice Whisky, Sterling Reserve Premium Whiskies and ICONiQ White Whisky, is one of the leading spirits companies in India in terms of annual sales volumes.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)