Verlinvest's Exit Strategy Rocks Sula Vineyards: Share Prices Plummet 7% in Rs 676.6 Crore Stake SaleVerlinvest's Exit Strategy Rocks Sula Vineyards: Share Prices Plummet 7% in Rs 676.6 Crore Stake Sale

Sula Vineyards experienced a 7% drop in share value as Verlinvest signaled its potential exit through a Rs 676.6 crore block deal. On February 19, the opening trade saw shares dive to Rs 575 on the NSE. In this transaction, a 13.76% stake, equating to 1.16 crore shares, was traded at Rs 579 each.

It was reported earlier that Verlinvest was planning a complete withdrawal. Verlinvest Asia PTE, which held an 8.34% stake, had set a speculated floor price of Rs 570 per share for this deal, which could yield approximately $52 million.

Having made its market debut in December 2022, Sula Vineyards launched its IPO as an offer-for-sale, drawing initial interest from Verlinvest among other investors. A long-time investor since 2010, Verlinvest had already downsized its investment in August 2023, executing a block deal worth Rs 523 crores and offloading a 12.56% stake.