Jaipuria's Gets Preferential Allotment at 10 per cent Discount in India’s Largest Independent Malt Manufacturer and Seller

The shares have surged over 950 per cent in the last year, delivering multibagger returns.

In a remarkable feat, Indri, a homegrown single malt brand from Piccadily Distilleries, secured global recognition by winning the prestigious “Best in Show” award at the Whiskies of the World Awards 2023 for its Diwali Collector’s Edition. This achievement stands out among a diverse array of over 100 whiskies from across the globe.

In Q4FY24, the company’s net profit witnessed an astounding growth of 585 per cent QoQ, reaching Rs 43.50 crore. The net profit margin also improved substantially to 15.25 percent. Consequently, the shares of Piccadily Agro Industries Ltd have surged over 950 per cent in the last year, delivering multibagger returns.

A recent development that investors should note is the company's announcement of the issue and allotment of Fully Convertible Warrants and Compulsorily Convertible Debentures (CCDs). The board issued, on a preferential basis, up to 6,72,041 Fully Convertible Warrants, each priced at Rs 744. Notably, two names appeared under the category of non-promoter group/public shareholders: Neetika Jaipuria and Ruchirans Jaipuria, with a combined issue of 5,10,751 warrants.

Mr. Ruchirans Jaipuria is the managing director of the Jaipuria Group, a multifaceted business conglomerate. Jaipuria’s activities encompass real estate, beverages, retail, engineering, IT, and plastics. Under the beverages business, it operates PEPSI bottling plants in Jammu and Kashmir, Vizag, and Guntur. This development is intriguing, as the Jaipuria Group is well-versed in the beverages business, and their allotted fully convertible warrants are at a 10 per cent discount to the closing price on Friday.

Purpose of the Issue

1.Expansion of Business: Setting up new or expanding existing manufacturing plants, capital expenditure on plant and equipment, setting up warehousing infrastructure, and purchasing barrels.

2. Long Term Working Capital Requirements.

3. General Corporate Purposes: Up to 25 per cent of the issue proceeds will be used for meeting ongoing general corporate exigencies, contingencies, and expenses.

Disclaimer: The article is for informational purposes only and not investment advice.