Old Monk maker Mohan Meakin to relist on exchanges

(Picture credit: Reuters)

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Mohan Meakin, the maker of the popular brand of rum "Old Monk", has submitted its papers with the Metropolitan Stock Exchange (MSE) to re-list on the exchanges.

A source told Moneycontrol, "In the next two to three months, the procedures towards re-listing will be  complete."

The 163-year-old company looks to return to the capital markets 16 years after it had de-listed its equity shares from the Delhi and Calcutta stock exchanges.

Another source told Moneycontrol, "The company had applied to re-list on the NSE last year, but after the exchange raised some concerns, the company did not get back to them with answers."

The firm, which is the oldest liquor brewing company in India, had a paid-up capital of Rs 4.25 crore, reserve and reserves and surpluses of Rs 27.01 crore at the time of de-listing in 2003.

In FY 2019, the company's net profit stood at Rs 33 crore and total debt was at Rs 11 crore as compared to about Rs 30 crore in the previous year. The company's net worth in FY 19 was at Rs 92 crore, higher than Rs 58 crore seen in the previous year.

The company's "Old Monk" brand has a seen a loyal customer base, and although the liquor business was impacted by a ban from a few state governments in the last few years, the consumption of liquor has increased significantly. In FY19, the alcohol segment grew 46 percent.

Old Monk contributes nearly 80 percent of the total sales for Mohan Meakin and in FY19 the contribution from Old Monk itself would be approximately Rs 758.3 crore.

Aside from Old Monk, Mohan Meakin's other popular brands include Old Monk Rum Supreme, Old Monk Peach Rum, Colonels Special Whisky, Solan Gold Indian Single Malt Whisky, O M 10000 Super Beer and Lion Beer. They are exported to 13 countries that include U.A.E., Qatar, Singapore, Germany, USA, and Hong Kong among others.

United Breweries, which sells the "Kingfisher" brand, and Radico Khaitan, which sells the "Magic Moments" brand, are two other popular listed companies in the alcohol segment.