Indian spirit maker Allied Blenders and Distillers Limited has received Securities and Exchange Board of India (SEBI) nod to go-ahead with its initial public offering of shares.
This comes after almost six months of filing the draft papers with SEBI.
The IPO comprises fresh issue of equity shares worth Rs 1,000 crore, and an offer for sale by promoters Bina Kishore Chhabria, Resham Chhabria, Jeetendra, Hemdev, Neesha Kishore Chhabria, aggregating up to Rs 1,000 crore.
The promoter and promoter group entities together hold about 80 per cent stake in the Mumbai-based firm.
Allied Blenders makes foreign liquors and its flagship brands include ‘Officer’s Choice Whiskey’, ‘Sterling Reserve’, and ‘Officer’s Choice Blue’.
Allied is present across 30 states and Union Territories.
Of the total proceeds from the fresh issue, it plans to utilise Rs 700 crore to repay debt and the rest for general corporate purposes.
The company plans to introduce products in the premium, semi-premium, and deluxe segments that will help improve its profitability.
Recently, Allied Blenders and Distillers Limited has extended its deluxe rum Jolly Roger to Uttar Pradesh and Rajasthan.
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