Sula Vineyards shares rallied 2% during the early trading session on 1 September after a large block deal involving the acquisition of a 7.06% stake in the company was made by HDFC Mutual Fund, Morgan Stanley, and other major players.

Prominent market players such as Morgan Stanley Asia Singapore Pte, HDFC Mutual Fund, Ghisallo Master Fund LP, and Societe Generale collectively acquired a 7.06% stake in the largest wine producer in India.

Foreign Investor Verlinvest Asia Pte Ltd had divested in the company by selling 12.56% stake or 1.06 crore shares in Sula Vineyards at an average price of Rs 484.13 per share.

Verlinvest Asia Pte Ltd had an 18.64% stake in the company. After the stake sale, the company will be left with a 5.54% equity that will also be locked for a period of 60 days.

The acquisition of 59.58 lakh shares were bought for an average price of Rs 484 per share.

At 11:20 am, the shares of Sula Vineyards were trading at Rs 494.40 or 1.00% above its previous close on NSE.