Acquisition of 100% stake of Rinpoche Spirits Private Limited
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The board of Cupid Breweries and Distilleries approved the acquisition of 100% stake in Rinpoche Spirits Private Limited (RSPL), an IMFL (Indian Made Foreign Liquor) manufacturer based in Odisha, entirely through a share swap with no cash outflow. To fund the swap, Cupid will allot 3,87,08,920 equity shares at ₹90 each (face value ₹10, premium ₹80) to RSPL shareholders, with two of them joining the promoter group post-allotment. Additionally, 6,51,387 shares will be issued to Crochet Industries shareholders via a similar share swap, and the company signed an MOU to purchase a large Alcobev production facility in Odisha. RSPL had nil turnover in the last three financial years but reported revenue of ₹34.9 lakh, and the deal has been valued by a SEBI-registered valuer. Cupid also plans to open branch offices across West Bengal, Odisha, Sikkim, Goa, and Karnataka to support its growing alcohol-beverage operations.
This is a non-cash, all-stock acquisition that expands Cupid's alcohol-beverage footprint into Odisha and adds IMFL manufacturing capability, which can boost long-term revenue. However, the target has had zero turnover for three years, so the deal's value depends on the future potential of the Odisha facility and the new MOU for a production unit, both of which may take time to translate into earnings.