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Som Distilleries’ share price fell more than 5% in early trading on the BSE after the company said it would not go ahead with the proposed QIP) issue due to fewer bids received for the proposed issue and would decide on raising funds later at an opportune time. Monday, October 9. Share price of Som Distilleries opened Monday’s trade at 368 against the previous close of 369.10 and fell 5.5% to a daily low of 348.85 on the BSE. “Due to the lower number of bids received for its planned QIP issue, the Company is not proceeding with the proposed QIP issue. At the right time, the company will assess whether the fundraising is sustainable, Som Distilleries said on Monday.
“Our focus on growth while delivering shareholder value in the short to medium term remains intact,” the company said. For this reason, the meeting of the ‘Fundraising Committee’ scheduled for October 10, 2023 is postponed. The company intended to raise money through a QIP, with a minimum price of $349.24 per share for their QIP. The company’s board of directors approved raising up to HRK 350 million through public or private offerings or via QIP during a meeting on September 5.
Following the introduction of QIP, the stock fell 3.26 percent on the BSE in the previous session. The stock has gained 188% over the past year on the BSE, while the benchmark Sensex has gained just over 13%. In light of recent solid business results and ambitious expansion plans in the emerging spirits industry, Som Distilleries and Breweries’ prospects look promising at the moment, according to HDFC Securities Retail Research. The trading firm noted that the company’s performance in the first quarter of fiscal year 2024 was better than expected in all respects. The price target rose, and FY24 and FY25 forecasts were revised upward (although higher taxes would moderate the increase in earnings estimates).
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Source: HIS Education