Shares of Sula Vineyards were down before the start of trade on Thursday after a large shareholder likely sold off stake in India’s largest winemaker.

What Happened: Verlinvest Asia was preparing to sell up to a 12.56% stake in Sula Vineyards for ₹539.2 crore through a block deal, CNBC Awaaz reported, citing sources.

The base price for the block deal is expected to be around ₹473 per share. Verlinvest Asia Pte, known for its investments in digital, e-commerce, food, beverages, health, and care sectors, intends to offer the shares at a price ranging from ₹473 to ₹508.7 per share. This price range represents a discount of 0% to 7% compared with Sula Vineyard’s closing price of ₹508.70 on August 30.

See Also: This Large Cap Stock Is Up After Winning Thermal Contract

Verlinvest Asia Pte held an 18.6% stake in the leading Indian winemaker at the close of the June quarter of FY24. Following the block deal, the company will retain a 6.04% stake in Sula Vineyards, subject to a 60-day lock-up period.

Sula Vineyards made headlines at the beginning of the month when it received a demand notice from the Maharashtra excise department for ₹116 crore in excise duty on wine produced using grapes from Maharashtra or by blending wine from other states.

Price Action: Sula Vineyards’ share price was down 3.68% at ₹490 before the start of trade on Thursday.

Read Next: Your Next Trip To Thailand Might Be Much Cheaper: Here’s Why