Allied Blenders jumps on getting nod to acquire upto 51% stake in Good Barrel Distillery
Allied Blenders and Distillers is currently trading at Rs. 398.30, up by 8.55 points or 2.19 % from its previous closing of Rs. 389.75 on the BSE.
The scrip opened at Rs. 423.45 and has touched a high and low of Rs. 423.45 and Rs. 395.50 respectively. So far 39704 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 444.95 on 03-Jan-2025 and a 52 week low of Rs. 282.05 on 23-Jul-2024.
Last one week high and low of the scrip stood at Rs. 423.45 and Rs. 356.85 respectively. The current market cap of the company is Rs. 11111.49 crore.
The promoters holding in the company stood at 80.91%, while Institutions and Non-Institutions held 6.55% and 12.53% respectively.
Allied Blenders and Distillers has received approval from Board of Directors for acquisition of upto 51% stake in the paid-up capital of Good Barrel Distillery (Good Barrel) with the option to acquire the entire paid up share capital and the board authorised the execution of definitive agreements and other relevant transaction documents on behalf of the Company.
The investment is anticipated to create revenue synergies by utilizing company’s distribution network, which will aid in accelerating market expansion. Cost synergies are also expected from leveraging company’s manufacturing capabilities. The company aims to broaden its market presence by entering new geographies in India and Overseas market. The cost of acquisition is Rs 9 crore.
Upon completion of the acquisition, Good Barrel Distillery will become a subsidiary of the Company. The Board of Directors at its meeting held on January 29, 2025, has approved the same.
Allied Blenders and Distillers is an Indian-made foreign liquor company. The company offers four Indian-made foreign liquor categories: whisky, brandy, rum, and vodka.
