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Asgard Alcobev Ltd has completed the acquisition of 78.90% stake in CMJ Breweries Private Limited (CMJBPL), the largest brewery in Northeast India, for a total consideration of Rs. 2,190.44 Lakhs through a share swap (not cash). As part of the deal, the company allotted 15,10,64,917 equity shares at Rs. 1.45 per share to CMJ Breweries' shareholders. Additionally, the board approved a cash preferential allotment of 3,90,10,000 equity shares at Rs. 1.45 (raising Rs. 5.65 crore) and 2,20,00,000 convertible warrants at Rs. 1.45 each. CMJBPL reported a standalone turnover of Rs. 25,200.19 Lakhs in FY25, down from Rs. 45,337.43 Lakhs in FY23, indicating declining revenues. The acquirers and persons acting in concert (PACs) have already triggered a mandatory open offer on December 17, 2025 under SEBI Takeover Regulations, and upon completion will become the new promoters, with the existing promoter group being reclassified as public shareholders.
This is effectively a reverse takeover — the brewery promoters are taking control of the listed entity via the acquisition, triggering an open offer and a change in promoter identity. Shareholders should expect significant equity dilution and a change in business direction from paper to alcoholic beverages, while the open offer provides an exit opportunity at the prescribed price.