Sula Vineyards Stake Shakeup: Verlinvest Asia and Mousserena LP Divest 11.8% Stake

In a significant development, investment firms Verlinvest Asia Pte and Mousserena LP have divested a combined 11.8 per cent stake in Sula Vineyards, a leading wine producer in India, through open market transactions. The divestment, valued at Rs 573 crore, marks a major shift in the ownership structure of the Nashik-based company.

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Verlinvest Asia Pte and Mousserena LP's Stake Sale

Verlinvest Asia Pte offloaded 70,42,275 shares, representing an 8.34 per cent equity stake in Sula Vineyards, while Mousserena LP disposed of 29,00,000 shares, equivalent to a 3.44 per cent stake. The shares were sold at a price range of Rs 575.47-576.78 per share, resulting in a combined transaction value of Rs 573.07 crore.

Exit of Verlinvest Asia Pte and Reduced Shareholding of Mousserena LP

Following the transaction, Verlinvest Asia Pte has completely exited Sula Vineyards by selling its entire stake. On the other hand, Mousserena LP's shareholding has significantly declined from 3.66 per cent to 0.22 per cent.

Morgan Stanley Asia Singapore Pte's Acquisition

Amidst the divestments, Morgan Stanley Asia Singapore Pte emerged as a notable buyer, acquiring over 8.65 lakh shares, representing a 1.03 per cent stake in Sula Vineyards, for approximately Rs 50 crore. The shares were purchased at an average price of Rs 575 per share, bringing the deal value to Rs 49.76 crore.

Market Reaction and Historical Performance

The divestment news impacted Sula Vineyards' stock price, leading to an 8.02 per cent decline on the National Stock Exchange (NSE) on Monday, with the shares closing at Rs 568 apiece. It is worth noting that since its public listing on the stock markets in December 2022, Sula Vineyards' shares have experienced a remarkable 86 per cent growth.

The divestment of a significant stake in Sula Vineyards by Verlinvest Asia Pte and Mousserena LP marks a turning point in the company's ownership structure. While Verlinvest Asia Pte has exited the firm, Mousserena LP's shareholding has been substantially reduced. The entry of Morgan Stanley Asia Singapore Pte as a new investor indicates continued interest in Sula Vineyards' growth potential. Despite the recent market correction, the company's long-term performance remains impressive, reflecting its strong position in the Indian wine industry.