Tilaknagar Industries rallies on merger buzz ABD
Kishore Chhabria's Allied Blenders & Distillers, owner of top selling Indian whiskey brand Officer's Choice, is discussing a merger deal with the company.
Tilaknagar Industries has rallied 11% to Rs 63.90 on buzz of merger of Allied Blenders & Distillers (ABD) with itself. ABD owns the top selling Indian whiskey brand Officer's Choice.
“Liquor baron Kishore Chhabria's ABD, India’s third largest distiller, is discussing a merger deal with rival Tilaknagar Industries, makers of Mansion House brandy,” the Economic Times report suggests.
Chhabria would be the majority shareholder, while Tilaknagar chairman Amit Dahanukar will retain a sizable minority interest in the joint company, added report.
Chhabria has 95% stake in ABD, while the Dahanukar family controls 56% stake in Tilaknagar Industries.
The stock opened at Rs 58.40 and hit a high of Rs 65.40 on NSE. A combined 543,270 shares changed hands already on the counter till morning deals against an average sub 250,000 shares that were traded daily in past two weeks on NSE and BSE.
“Liquor baron Kishore Chhabria's ABD, India’s third largest distiller, is discussing a merger deal with rival Tilaknagar Industries, makers of Mansion House brandy,” the Economic Times report suggests.
Chhabria would be the majority shareholder, while Tilaknagar chairman Amit Dahanukar will retain a sizable minority interest in the joint company, added report.
Chhabria has 95% stake in ABD, while the Dahanukar family controls 56% stake in Tilaknagar Industries.
The stock opened at Rs 58.40 and hit a high of Rs 65.40 on NSE. A combined 543,270 shares changed hands already on the counter till morning deals against an average sub 250,000 shares that were traded daily in past two weeks on NSE and BSE.