Winemaker Sula Vineyards gets SEBI's approval for IPO

Mumbai-based Sula Vineyards, the country's largest wine producer has received Sebi's approval to raise funds through initial public offerings (IPOs).

The Nashik-based wine maker had filed the papers with the market regulator to raise capital via an IPO in July.

The equity shares offered under the OFS have a face value of ₹2 per equity share.

Sula Vineyards has been recognised as the market leader across wine variants, including red, white and sparkling wines.

Sula is headquartered in Nashik, 180km northeast of Mumbai, and has two manufacturing units, in Nashik and Bengaluru each. As of January, it had a production capacity of over 13 million litre, of which 11 million litre is housed in Nashik and 2 million litre in Karnataka.