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After the firm declared it would not proceed with the proposed QIP) issuance due to fewer bids received towards the proposed issue and that it would decide about the fundraising later, at a suitable moment, Som Distilleries’ share price dropped by more than 5% in early trade on BSE on Monday, October 9. The share price of Som Distilleries began trading on Monday at 368 against the previous close of 369.10 and fell 5.5% to the day’s low of 348.85 on the BSE. “Due to the lower number of bids received for its planned QIP Issue, the Company is not moving further with the proposed QIP Issue. At a proper moment, the business will assess if a fundraiser is viable, Som Distilleries stated on Monday.
“Our focus on growth while providing shareholders value in the short and medium term stays intact,” the business stated. As a result, the ‘Fund Raising Committee’ meeting set for October 10, 2023 is postponed. The company intended to raise money using a QIP route, with a floor price of $349.24 per share for their QIP. The company’s board of directors approved raising up to 350 crore through public or private offers or the QIP route during their meeting on September 5.
Following the introduction of its QIP, the stock dropped 3.26 per cent on the BSE in the previous session. The stock has increased 188% over the past year on the BSE, while the equities benchmark Sensex has increased by a little over 13%. In light of its recent solid operating results and ambitious market expansion plans in a developing spirits industry, Som Distilleries and Breweries’ prospects appear promising at this point, according to HDFC Securities Retail Research. The trading firm highlighted that the company’s Q1FY24 performance was better than expected in every way. The target price has increased, and the predictions for the years FY24 and FY25 have been revised upward (although higher taxes would temper the increase in profit estimates).