Allied Blenders and Distillers Ltd approves acquisition of majority stake in JV

The Board of Directors of Allied Blenders and Distillers Limited at its meeting held today i.e. September 04, 2024, has approved the acquisition of a majority Stake in the target entity to be formed in collaboration with Oh Five Oh Talent Limited Liability Partnership to undertake manufacturing, distribution, licensing and marketing of various types of luxury and premium spirits comprising of owned and third party brands.

The target entity in which the listed entity (ABDL) proposes to acquire stake of 80% of its paid-up share capital is yet to be incorporated and registered.

The investment in securities of the proposed entity is contemplated for an amount not exceeding Rs. 70,00,00,000 (Rupees seventy crore only) over a period of time.

Shares of Allied Blenders and Distillers Limited was last trading in BSE at Rs. 349.85 as compared to the previous close of Rs. 349.75. The total number of shares traded during the day was 56812 in over 1443 trades.

The stock hit an intraday high of Rs. 351.95 and intraday low of 340.70. The net turnover during the day was Rs. 19731785.00.

Source : Equity Bulls

Keywords

AlliedBlendersandDistillers ABDL INE552Z01027 MajorityStake Acquisition JV OhFiveOhTalent