Board Meeting of the Company held on January 03, 2026 to consider and approve the transactions as stated in the outcome of the Board Meeting.
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The Board approved acquiring up to 100% of Rinpoche Spirits Private Limited (RSPL) through a share swap, issuing ~3.87 crore equity shares at Rs. 90 each (Rs. 80 premium), totaling ~Rs. 348.38 crore. RSPL brings IMFL manufacturing assets in Goa and West Bengal and brewery assets in Orissa and West Bengal. The Board also approved acquiring 7.25 lakh shares of Crochet Industries Private Limited via a similar share swap worth ~Rs. 4.86 crore. Earlier share swap discussions from the November 27, 2025 board meeting were nullified. Additionally, the Board approved raising up to Rs. 900 crore via External Commercial Borrowings, working capital loans up to Rs. 900 crore (with UCO Bank sanctioning Rs. 120 crore to begin), extension of a Rs. 90 crore unsecured convertible loan from directors for 12 months, amendments to the Articles of Association, and applying for NSE listing. An EGM is scheduled for January 27, 2026 to seek shareholder approval.
Material expansion move — acquiring breweries and IMFL units via paper swap could significantly boost revenue and EBITDA once integrated. Large proposed debt raise (up to Rs. 900 crore ECB + Rs. 900 crore working capital) signals aggressive growth funding but also higher leverage; dilution from ~3.92 crore new shares is the trade-off. NSE listing application may improve stock liquidity for shareholders.