Tilaknagar Industries has allotted 34 lakh equity shares to Singularity Equity Fund, the vehicle backed by veteran investor Madhusudan Kela, following the conversion of warrants, according to some reports. Madhusudan Kela’s buying in Tilaknagar industries comes at a time when the spirits maker accelerates its expansion beyond brandy into premium whisky and readies the Imperial Blue acquisition.
The allotment to Kela-backed Singularity formed part of a broader issue of 3,77,15,000 equity shares to various warrant holders approved by Tilaknagar’s finance committee on 20 November, the company disclosed in an exchange update. The conversion is linked to the July preferential programme aimed at funding the proposed INR 4,150‑crore purchase of the Imperial Blue whisky business.
Tilaknagar said it received the remaining exercise price of INR 286.50 per warrant—75% of the INR 382 issue price—aggregating to INR 1,080.53 crore. Post-conversion, the company’s outstanding shares rose to 24.59 crore from 20.82 crore. By our calculations, Singularity’s 34 lakh shares translate to about 1.4% of the expanded equity base.
Shares of Tilaknagar Industries closed at INR 485 on Friday, 21 November, down 3.87% day-on-day. The stock’s market capitalisation stood near INR 10,100 crore at the close.
Tilaknagar Industries has shown consistent and robust growth in its share price. In December 2022, the stock was trading in the range of INR 90–100 per share. Beginning in March 2023, the stock started gaining momentum, and the company’s growth trend continued steadily.
On 31 October 2025, the stock reached its all-time high of INR 528, reflecting an impressive nearly 5x increase. Currently, it is trading at INR 485, which represents a healthy correction of around 8% from its all-time high.
“With whisky commanding over 60% of India’s spirits market, expanding into this category was the next natural step for us,” Chairman and Managing Director Amit Dahanukar said this week as the company launched Seven Islands Pure Malt whisky, reinforcing its premiumisation push.
Regulatory milestones have kept pace. The Competition Commission of India (CCI) recently cleared Tilaknagar’s proposal to acquire the Imperial Blue business. The regulator said it approved the acquisition of production, bottling, marketing and sale of beverages under the ‘Imperial’ brands from Pernod Ricard India by Tilaknagar.
Tilaknagar, best known for Mansion House and Courrier Napoleon brandies, has outlined a mix of equity and debt to finance the EUR 412.6‑million (~INR 4,260 crore) Imperial Blue deal, which the company expects to complete after regulatory and closing conditions. The capital raise approved in July—comprising equity shares and convertible warrants—was designed to back this transaction and general corporate purposes.
Looking ahead, investors will track timelines on the Imperial Blue closing, integration progress, margin trajectory and any additional funding steps. Stock performance may continue to reflect the balance between near-term dilution from equity issuance and longer-term scale benefits in whisky, alongside the reception to Tilaknagar’s new premium launches.
Madhusudan Kela’s Investment in Tilaknagar Industries: Highlights
- 34 lakh equity shares allotted to Kela-backed Singularity Equity Fund via warrant conversion.
- Total conversion: 3.77 crore shares; exercise proceeds INR 1,080.53 crore at INR 286.50 per warrant (75% of INR 382).
- Shares outstanding rise to 24.59 crore from 20.82 crore; Singularity’s stake ~1.4% of expanded equity.
- Stock closed INR 485 on 21 Nov, down 3.87%; m-cap ~INR 10,100 crore.
- CCI clears proposed INR 4,150‑crore Imperial Blue acquisition.
- Seven Islands Pure Malt whisky launched as part of a premiumisation push.
Bottom Line: Madhusudan Kela’s investment in Tilaknagar Industries and fresh equity strengthen the company’s balance sheet as it pivots into whisky and prepares to integrate Imperial Blue. The near-term focus is on regulatory and closing timelines, while medium-term execution will hinge on integration, premium portfolio scaling and sustaining margins. This report is for information only and is not investment advice.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.