Chhabria's ABD to sell 10% stake for 250 crore

Battle-scarred Kishore Chhabria's Allied Blenders & Distillers (ABD) has started the process to divest around 10% stake to raise Rs 250 crore, or $56 million, valuing itself at around $550 million. The company is planning to raise funds for investing into primary distillation and for supporting new brands after Chhabria handed over the management to a professional team under industry veteran Deepak Roy.ABD has launched a new rum brand Jolly Rogers and is poised to uncork a new brandy under Lord & Master brand. The company's flagship Officer's Choice is now a close second to Bagpiper as the largest selling Indian whiskey.