Allied Blenders and Distillers Ltd. rose as much as 2.9% on Monday in Mumbai, building on gains in the latter half of last week. ABD was up 1.5% as of 10:10 a.m. local time, on track to close at a record high. Bloomberg News reported Friday that the liquor-maker's founding Chhabria family is considering options including a possible sale. A buyer could build up a controlling interest over time, while other potential moves include the family paring its holding through block trades, people familiar with the matter said. ABD, which climbed 10% last week, has a market capitalization of 203 billion rupees ($2.1 billion).

Following the Bloomberg report, the Economic Times on Monday cited unidentified people as saying Japan's Suntory Holdings Ltd. is in early discussions for a minority stake in ABD.