Tilaknagar Ind up 9% on likely merger with ABD

Tilaknagar Industries rose 9% on news that liquor baron Kishore Chhabria's Allied Blenders & Distillers (ABD) is discussing a merger deal with rival Tilaknagar Industries, makers of Mansion House brandy. The proposed deal could be the biggest consolidation move in Indian liquor industry, report CNBC-TV18.

The privately held ABD, India's third largest distiller, and the listed Tilaknagar have talked about a stock swap cum cash deal to create a combined entity valued at USD 1 billion.

At 11:07 hrs Tilaknagar Industries was quoting at Rs 62.65, up Rs 5.15, or 8.96 percent. It has touched an intraday high of Rs 65.20 and an intraday low of Rs 58.40. It was trading with volumes of 278,315 shares.
 
In the previous trading session, the share closed up 0.61 percent or Rs 0.35 at Rs 57.50.

Current market capitalisation of Tilaknagar Industries stands at Rs 763.58 crore.
 
The share touched its 52-week high Rs 86.95 and 52-week low Rs 46.20 on 04 January, 2013 and 29 August, 2012, respectively.

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