Champagne Indage, the market leader in wines in India, has divested a 6.9% stake to US private equity firm Emerging Markets Management.

EMM will buy 300,000 shares for around INR323 a share in a deal worth INR96.9m (US$2.1m).

Champagne Indage has also made a preferential allotment of 600,000 shares towards the promoters and allies - through sister concerns - at the same price. Shares in Champagne Indage, traded on the Bombay Stock Exchange, are currently worth INR370.

Wine is a promising sector in India and Champagne Indage is the only dedicated listed wine manufacturer. EMM specializes in investing in emerging equity markets.