10 Apr 2026
Deal: Trilegal advises on the Sula Vineyards IPO
21 Dec 2022
21 Dec 2022
Trilegal advised the merchant bankers, Kotak Mahindra Capital Company Limited, CLSA India Private Limited, and IIFL Securities Limited, on the initial public offering (IPO) by Sula Vineyards Limited (“Sula”) of equity shares, which comprised an offer for sale aggregating to INR 9,603.49 million by the promoter, investors, and other shareholders. This was the first public offering by a pure-play wine business in India. The IPO served as a platform for partial exits by its existing investors, and added another scrip to the alco-bev sector on Indian bourses for public investment.
Sula is India’s largest wine producer and seller and has been a consistent market leader in the Indian wine industry in terms of sales volume and total revenue. With wineries situated in Maharashtra and Karnataka, Sula produces 56 different labels of wine. It also imports and distributes 21 international labels, comprising vodka, wine and brandy, including Beluga and Le Grand Noir.
Sula is one of the first companies to file an offer document post notification of the detailed valuation disclosure norms by SEBI. The transaction also involved advisory on matters pertaining to exchange control, marketing restrictions, and corporate governance. It was also one of the first deals to have successfully obtained an exemption from SEBI from disclosure of certain promoter group members, post the notification of a stringent framework by SEBI in this regard.
The Trilegal team advising on the deal was led by Partner, Richa Choudhary, and comprised Senior Associates, Avanti Kale and Maitreya Rajurkar, and Associates, Sanya Chaudhari, Aayush Khandelwal, Aman Bahl and Urmil Shah.
About Trilegal
Trilegal is one of India’s leading law firms, with expertise across the full spectrum of corporate legal services. Trilegal has offices in four key cities of India.
Trilegal has been recognised as the ‘Firm of the year’ for Client Service Excellence by Asia Law Awards 2021; “M&A Law firm of the Year”by VCCircle Awards 2020; ‘Law Firm of the Decade’ at the RSG Grow India Summit and Awards 2019; one of the most innovative law firms in Asia in the inaugural edition of ALB Trailblazers 2020 and ‘highly commended’ in the FT RSG Innovative Lawyers Awards 2020. Trilegal has also been recognised as one of the ‘Best Overall Law Firms in India’ as part of the India Business Law Journal Annual Indian Legal Awards 2021.
For more information, please contact:
Sahil Wason
Mob: +91-8928008122 | BD@trilegal.com
Deal: Trilegal advises Macquarie Corporate Holdings on the sale of Vibrant Energy to Inox Clean Energy
Deal: Trilegal advises Elliott Investment Management L.P. on CCI approval for its significant investment in Toyota Industries Corporation
The quiet death of ADRs: Why investors no longer need Wall Street’s window into India
Under the rules of the Bar Council of India, Trilegal is prohibited from soliciting work or advertising in any form or manner. By accessing this website, www.trilegal.com, you acknowledge that:
We prioritize your privacy. Before proceeding, we encourage you to read our privacy policy, which outlines the below, and terms of use to understand how we handle your data:
For more information, please read our terms of use and our privacy policy.
