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Famed spirits company Allied Blenders and Distilleries Limited (ABDL) has filed its papers with the market regulator SEBI to float its IPO of around Rs 2,000 crores.
ABDL started operations in 1988 when it first introduced its 'Officer's Choice' whisky brand. By 2012, the company had successfully positioned itself in the brandy, rum, premium brandy, and deluxe whisky segment. Its whisky became the world's fourth-largest spirits brand in 2014 and the world's largest selling whisky.
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The company aims to be the world's most admired spirits brand and has its presence in 20 countries. It manages the following brands currently: Officer's Choice, Sterling Reserve, Kyron, Jolly Roger & Class 21.
The issue of Rs 2,000 crores will be 50% fresh issue and 50% OFS by the company's promoters. In the OFS, Bina Kishore Chhabria will be offloading shares worth Rs 500 crores while Resham Chhabria Jeetendra Hemdev and Neesha Kishore Chhabria will be selling shares worth Rs 250 crores each.
The company is also said to be considering a pre-IPO placement of Rs 200 crores and is said to be in consultation with its bankers as well. If the issue is approved, the IPO will be reduced accordingly.
The company is planning to use somewhere around Rs 700 crores for repaying its debt while the balance will be used for general corporate purposes.
“We have incurred indebtedness and an inability to comply with repayment and other covenants in our financing agreements could adversely affect our business and financial condition. In addition, certain of our financing agreements involve variable interest rates and an increase in interest rates may adversely affect our results of operations and financial condition," the company said in its DRHP.
ICICI Securities Limited, Axis Capital Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited, and Equirus Capital Private Limited are the lead managers and Link Intime India Private Limited is the registrar of the offer.
Article by Aman Agarwal.
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