Allied Blenders shares surge over 5% after SBI Mutual Fund, Abu Dhabi Investment Authority buy stake

Shares of Allied Blenders and Distillers Limited (ABDL), the country's leading alcohol beverages maker, rose as much as 5.11% to an intraday high of ₹691 on the BSE after SBI Mutual Fund bought 34 lakh shares of the company, while Abu Dhabi Investment Authority acquired a little over 15 lakh shares at an average price of ₹650 apiece.

Bina Kishore Chhabria, one of the promoters of Allied Blenders and Distillers, divested nearly 2% stake in the company for ₹357 crore through an open market transaction on Wednesday.

The stake sale comes a day after the maker of Officer’s Choice whiskey said in a filing that its promoter proposes to divest part of its holding to comply with minimum public shareholding norms.

According to bulk deal data on the BSE, Chhabria sold 55 lakh shares, amounting to a 1.96% stake in Mumbai-based company.

The shares were sold at an average price of Rs 650.17 apiece, taking the deal value to ₹357.59 crore.

After the latest transaction, Chhabria's holding in the company dropped to 56.24% from 58.20%. Also, the combined shareholding of promoters and promoter group entities has come down to 78.95% from 80.91%.

This took the combined deal value to ₹318.77 crore.

Allied Blenders Q1 earnings

Allied Blenders and Distillers reported an 18.65% decline year-on-year in its consolidated net profit to ₹45.42 crore in the June quarter of FY27, on account of disruptions in the global supply chain.

The company had posted a net profit of ₹55.83 crore in the April-June period a year ago.

However, its revenue from operations edged up 1.84% to ₹1,809.15 crore in the first quarter of the current fiscal compared to ₹1,776.37 crore in the year-ago period.

As of 11:47 am, Allied Blenders and Distillers shares traded 5.08% higher at ₹688, outperforming the NIFTY50 index which was down nearly 1%.