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Empee Distilleries taps capital market

CHENNAI: Empee Distilleries, engaged in manufacturing of Indian made foreign liquor (IMFL) products under its own brand portfolio as well as under tie-up arrangements with other companies, has entered the capital market on November 1 with a public issue of 48 lakh equity shares of Rs. 10 each through 100 per cent book building process.

The price band has been fixed at Rs. 350-400 per equity share and the issue closes on November 6.

The company, a part of the Empee Group promoted by M. P. Purushothaman, proposes to part finance its expansion and diversification plan with the net proceeds of this issue. The expansion and diversification plan include: setting up of 60 KLPD (kilo litre per day) grain based distillery unit in Nellore district, Andhra Pradesh. setting up of blending and bottling IMFL plant in Nellore district with a capacity of 70,000 cases a month; expansion of the existing distillery unit at Mevaloorkuppam in Tamil Nadu, by augmenting the capacity of extra neutral alcohol plant from 20 KLPD to 70 KLPD. The plan is also to augment the capacity of the said distillery to handle five lakh cases a month.

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