Verlinvest Asia has exited Sula Vineyards after 14 years of investment in the company after it sold 8.34% stake in the company in the open market on Monday. Shares of the wine maker ended at 569.10 rupees on the NSE, down nearly 8% from the previous close.
“Verlinvest and Sula Vineyards Limited have shared a strong & enduring partnership spanning over 14 years. As part of its investment horizon & strategy, Verlinvest has divested its remaining stake in the company,” Sula Vineyards said in a statement.
Belgium-based Verlinvest – which has investments in India’s Wakefit, Epigamia, Veeba, Purplle and Byju’s among others, has sold the 70.42 lakh shares via a bulk deal on the NSE at a weighted average price of 576.78 rupees a piece on Monday.
“We are grateful for Verlinvest’s valuable partnership & contribution to our growth and success in the Indian wine industry,” Sula said.
Morgan Stanley Asia has bought 865,500 shares of the company at 575 rupees a piece, while Mousserena LP, headquartered in the US, has bought 29 lakh shares of the company at an average price of 575.47 rupees.
QE Securities, Setu Securities Pvt Ltd, Mansi Share and Stock Advisors and F3Advisors were some of the other buyers, but they also sold some shares of the company.
In 2023, Verlinvest had sold an over 12% stake in the company in a bulk deal which fetched the company over 500 crore rupees. Morgan Stanley, HDFC Mutual Fund, and Societe Generale were among those who had picked up a stake in the company.
Verlinvest, which had first invested in Sula Vineyards in 2010, had a 22.45% stake in the company as on March 2022. Verlinvest invests in health, lifestyle, consumer technology and food and beverage companies.
Source: Economic Times