Shares of Sula Vineyards slumped 7 percent in opening trade on February 19 after a block deal worth Rs 676.6 crore took place in the counter.
At 09.45 am, shares of Sula Vineyards were trading at Rs 575 on the NSE.
Around 1.16 crore shares, representing a 13.76 percent stake in winemaker Sula Vineyards, changed hands through a block deal at a floor price of Rs 579 apiece.
While Moneycontrol could not immediately identify the buyers and sellers involved in the transaction, we had reported on February 16 that Belgian investment holding firm Verlinvest was planning to make a complete exit. Verlinvest Asia PTE held a 8.34 percent stake in the winemaker as per its latest shareholding data.
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The deal was likely to be done at a floor price of Rs 570 per share, earning Verlinvest a total of around $52 million.
The winemaker had made its debut on the bourses back in December 2022, with its initial public offer being an entirely offer-for-sale. Verlinvest was among the initial investors that showed interest in the wine company, picking up stake in the public offer. The investment firm had first picked up a minority stake in Sula Vineyards in 2010.
Verlinvest had also pared its stake in the winemaker previously in August 2023, offloading a 12.56 percent holding in a block deal worth Rs 513 crore.
The winemaker however, stated in an interaction with CNBC-TV18 that it was unaware of Verlinvest Asia's decision to sell its entire stake in the company.
"We understand this is the purely their investment decision. In our view, there would be no material impact from this on the company," Sula Vineyards said.
Also Read | Belgian investor Verlinvest eyeing exit from Sula Vineyards
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