Som Distilleries gain 3% after approval to supply beer in Rajasthan

The spirits maker joined hands with Carlsberg in May for the production and distribution of premium beverages in Odisha.

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Som Distilleries shares were up 3 percent at Rs 313 at 11.12 am after the company received permission to supply beer in Rajasthan.

“Looking ahead, we are committed to building our market share in Rajasthan and expanding our presence in the other states,” said Som Distilleries in an exchange filing dated July 17.

Som Distilleries will now supply a bigger market as Rajasthan is one of the top five states in terms of alcohol consumption, the company said in an exchange filing.

The spirits maker joined hands with Carlsberg in May for the production and distribution of premium beverages in Odisha. Production at the Odisha plant started on June 23.

Som Distilleries board on July 8 had approved raising funds through convertible equity warrants and equity shares. Convertible equity warrants of up to 51,50,000 shares at an issue price of Rs 275 will be issued to the promoter, promoter group, and other public investors via a preferential basis.

Equity shares up to 2,50,000 at an issue price of Rs 275 will be issued to non-promoters on a private placement basis.

The company’s revenue increased four times to Rs 1,499 crore year-on-year in FY23. It made a profit of Rs 60 crore in FY23 compared with a loss of Rs 8 crore in FY22.

Som Distilleries has brands like Hunter in the beer segment and Milestone, Legend and Pentagon in the whiskey segment. It also manufactures other spirits like vodka and rum.

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