Board Meeting of the Company held on January 03, 2026 to consider and approve the transactions as set out in the outcome of the Board Meeting.
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Cupid Breweries' board approved acquiring up to 100% of Rinpoche Spirits Pvt Ltd (RSPL) through a share swap, issuing 3.87 crore equity shares at Rs. 90 per share (Rs. 348.38 crore total), adding IMFL manufacturing in Goa and West Bengal plus brewery assets in Orissa and West Bengal. It also approved acquiring up to 7.25 lakh shares of Crochet Industries Pvt Ltd by issuing 5.40 lakh shares at Rs. 90 each (Rs. 4.86 crore total). The board extended a Rs. 90 crore unsecured convertible loan from three directors by 12 months, approved raising up to Rs. 900 crore via External Commercial Borrowings, and sought working capital loans of up to Rs. 900 crore from banks (UCO Bank has in-principle sanctioned Rs. 120 crore). An EGM is scheduled for January 27, 2026 to seek shareholder approvals, and the company also plans to apply for NSE listing alongside its existing BSE listing. A previously discussed share swap proposal from November 27, 2025 has been nullified.
Major expansion push — the RSPL acquisition significantly expands Cupid's manufacturing footprint and revenue potential, but involves large equity dilution (3.87 crore new shares). Shareholders should watch the January 27 EGM outcome; fund-raising plans (up to Rs. 1,800 crore via ECB and bank loans) signal ambitious growth but also increased leverage and dilution risk.