Piccadily Raises ₹50 Crore via Warrant Conversion at ₹744 to Scale Premium Alco-Bev Production

Piccadily Agro Industries has received ₹49.99 crore in fresh equity capital following the conversion of share warrants originally issued in September 2024. The proceeds are intended to support the company’s ongoing expansion in the premium alcoholic beverages segment.

The investment was made by non-promoter entities—Neetika Jaipuria, Ruchirans Jaipuria and Ingenuity Designs LLP—who had subscribed to warrants priced at ₹744 per share, comprising a face value of ₹10 and a premium of ₹734. The final tranche of ₹558 per share, amounting to 75% of the issue price, was paid before the deadline of 9 June 2025, resulting in total proceeds of ₹49.99 crore for the company.

"This investment is expected to further boost the company’s plans in the premium alcoholic beverage segment, including its flagship brand Indri Single Malt, Camikara India’s 1st pure cane juice rum and recently launched Cashmir premium vodka," it said in a statement.

“This infusion will aid our planned capacity enhancements and brand development initiatives in the premium spirits segment,” said Natwar Aggarwal, chief financial officer at Piccadily Agro Industries.

The company stated that the move aligns with its broader strategy of scaling its distillery operations, which include its malt spirit manufacturing capacity and one of the most awarded fastest-growing Indian single malts globally.