The Som Distilleries stock opened 3 percent lower on October 6, a day after the board of the alcoholic beverage maker approved a floor price of Rs 350 a share for a QIP.
The board of Som Distilleries authorised the opening of the Issue as of October 5, 2023 and approved the floor price of Rs 349.24 a share, the company told exchanges.
A meeting of the committee of the company would be held on October 10, 2023 to "consider and determine the issue price of equity shares, including a discount".
Also read: Som Distillerie Consolidated June 2023 Net Sales at Rs 758.63 crore, up 198.32% Y-o-Y
In the June quarter, Som Distilleries reported a 51.57 percent year-on-year (YoY) rise in revenue at Rs 385 crore. Net profit grew 30.76 percent YoY to Rs 34 crore.
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The Bhopal-based company produces alcoholic beverages, including whisky, brandy, vodka, and gin. It produces and distributes its products in Madhya Pradesh, Karnataka, Odisha and Delhi and is looking to expand to Maharashtra, Uttar Pradesh, Andhra Pradesh Rajasthan and Tamil Nadu through investment in a new plant. It is also present in around 20 countries.
In August 2023, the company announced plans to expand its beer facility at Hassan in Karnataka. According to a regulatory filing, the expansion will add 60 lakh cases per annum.
As of 9.53 am, the stock was trading at Rs 367, nearly 4 percent lower than close on October 5.
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