Nashik Vintners Pvt. Ltd (NVPL), owner of Sula brand and majority- owned by Rajeev Samant, has touched the enterprise value of an astronomical $100 million, based on the divestiture of 15% stake in their existing stake by GEM India Advisors at $15 million to a Belgian based investment company Verlinvest SA which has €250 million under its management, according to media reports
Rajeev Samant, founder of the company which also owns Sula Vineyards as its subsidiary, reportedly confirmed on Thursday that the investment was significant by Verlinvest, adding that GEM India Advisors (GIA), who had invested in Sula in 2004 at a tenth of the existing reported price, is among the earliest investors and has sold only a part of its holding in the company to the new investor. GIA had purchased a 35% stake for $3.5m in 2004.
Samant declined to give details of the shareholding pattern, according to the report, however confirming that the Samant family continues to be the largest shareholder in Sula and did not divest any shares as part of the transaction, which is being dubbed as the third round of private equity investment by the privately held NVPL in the financial circles.
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