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INDIA: Indage Vintners denies Asahi stake sale talks

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Indage Vintners has denied that it is in talks with Japan's Asahi and Indian businessman Ravi Jain about a stake sale, but confirmed that it is seeking to raise fresh finance.

"The company has not disccussed at any level with Asahi or Ravi Jain about any proposal," Indage said in a stock filing today (4 June).

Local press reports, including in Mint and the Economic Times, this week said that Indage is seeking an outside investor and that Asahi is a frontrunner in negotiations.

"The promoter family has not engaged any investment banker for any mandate to seek investment by Asahi Breweries, Ravi Jain or Pernod Ricard or any other such 'suitors'," said the wine group, which changed its name this earlier this year from Champagne Indage.

However, Indage confirmed in a later filing today that it is seeking to raise fresh finance.

A board meeting to be held on 9 June will "consider the raising of long-term/medium-term financial resources", said the group, adding that it is eyeing a share rights or bond issue.

It did not say what the extra funding would be used for.


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