1. Allotment of 3,87,08,920 equity shares pursuant to share swap with the equity shares of Rinpoche Spirits Private Limited. 2. Allotment of 6,51,387 equity shares pursuant to share swap ....
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Cupid Breweries and Distilleries Limited has approved the allotment of 3,87,08,920 equity shares at ₹90 per share (₹10 face value + ₹80 premium) to shareholders of Rinpoche Spirits Private Limited (RSPL) through a share swap, giving it 100% control of RSPL. Additionally, 6,51,387 equity shares were allotted at the same price to shareholders of Crochet Industries Private Limited, also via share swap. RSPL is engaged in manufacturing of Indian Made Foreign Liquor (IMFL) and distilled beverages with facilities in Odisha, though it reported nil turnover for the last three years. The company has also signed an MOU to acquire a large alcobev production unit in Odisha and plans to open branch offices in West Bengal, Odisha, Sikkim, Goa, and Karnataka to support expansion and excise licensing activities.
This is a stock-funded acquisition with no cash outflow, expanding Cupid's presence in the IMFL and spirits manufacturing space. Shareholders should note meaningful equity dilution from the new share issuances and watch for the next update on the Odisha production unit deal, which could further shape the company's growth trajectory.