Allied Blenders and Distillers Ltd, renowned for its Officer’s Choice Whisky, has received approval from Sebi to raise INR 1,500 crore through an Initial Public Offering (IPO), as revealed in a recent update from the markets regulator. The IPO plan involves a fresh issuance of equity shares valued at INR 1,000 crore and an Offer-for-Sale (OFS) of shares amounting to INR 500 crore by the promoters, according to details in the Draft Red Herring Prospectus (DRHP).
As part of the Offer-for-Sale (OFS), shares will be sold by Bina Kishore Chhabria, Resham Chhabria, Jeetendra Hemdev, and Neesha Kishore Chhabria.
The update revealed that Allied Blenders and Distillers Ltd, which submitted preliminary IPO documents to Sebi in January, received its observations on May 10.
In Sebi’s terms, receiving observations signifies its approval to launch the public offering.
Continue Exploring: Allied Blenders files IPO papers with SEBI, targeting INR 1,500 Crore capital raise
According to the draft documents, the funds generated from the fresh issue, totaling INR 720 crore, will be allocated for debt repayment, with a portion designated for general corporate purposes.
As of December 2023, the company’s total debt stood at approximately INR 808 crore.
Allied Blenders and Distillers, holding a market share of more than 8% in the Indian-Made Foreign Liquor (IMFL) market by sales volumes in Fiscal 2023, previously submitted draft papers to Sebi in 2022 for an IPO valued at INR 2,000 crore.
The company received approval from Sebi to initiate its inaugural public offering but chose not to proceed with the launch.
Allied Blenders and Distillers is involved in the production, marketing, and distribution of alcoholic beverages both domestically and internationally.
The firm’s product lineup includes various brands of Indian-Made Foreign Liquor (IMFL) spanning whisky, brandy, rum, and vodka.
Among the notable brands of the company are Officer’s Choice Whisky, Sterling Reserve Whisky, Jolly Roger Rum, and Class 21 Vodka.
Both the BSE as well as the NSE will list the company’s equity shares.
Continue Exploring:Â Allied Blenders & Distillers appoints Alok Gupta as new Managing Director
