Tilaknagar Ind surges over 30% in two days on stake sale report
The company is in discussions with global giants such as Suntory Holdings and Pernod Ricard to sell 15-20% stake.
Tilaknagar Industries has surged 16% to Rs 62.25, extending its previous day’s over 15% rally, on reports that the company is in discussions with global giants such as Suntory Holdings and Pernod Ricard to sell 15-20% stake in the company.
“The company, the maker of Mansion House, the world’s second-best-selling brandy label, will use the funds so raised, likely to be about Rs 600 crore, to de-leverage its balance sheet,” the Business Standard report suggest.
A clutch of private equity investors and spirits & wine leader Beam Global are also learn to be in discussions with TI to acquire the stake. Ambit Corporate Finance is advising TI in the fund-raising process, added report.
The stock opened at Rs 57.80 and hit a high of Rs 64.10 on NSE. A combined 747,374 shares changed hands on the counter so far on NSE and BSE. Meanwhile, the stock has rallied nearly 35% in past two days from Rs 47.45 on August 6.
“The company, the maker of Mansion House, the world’s second-best-selling brandy label, will use the funds so raised, likely to be about Rs 600 crore, to de-leverage its balance sheet,” the Business Standard report suggest.
A clutch of private equity investors and spirits & wine leader Beam Global are also learn to be in discussions with TI to acquire the stake. Ambit Corporate Finance is advising TI in the fund-raising process, added report.
The stock opened at Rs 57.80 and hit a high of Rs 64.10 on NSE. A combined 747,374 shares changed hands on the counter so far on NSE and BSE. Meanwhile, the stock has rallied nearly 35% in past two days from Rs 47.45 on August 6.
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Aug 08 2013 | 9:58 AM IST