Indian alcoholic beverages manufacturer Allied Blenders & Distillers plans to raise 700 to 800 crore rupees ($97.6 to $111.6 million) in an initial public offering (IPO).

Allied Blenders is holding discussions with private equity players to offload a part of its equity to secure approximately $83.6 million before the IPO.

The company has already mandated JM Financial and Credit Suisse to manage the IPO.

Under the initial public offering, a major shareholder will dilute about 10 percent of the 97 percent holding.